See our COVID-19 updates for Residents, Guests, and Associates. Learn More.

Should I Buy a House Or Rent an Apartment In Indianapolis?

During the 21st century, common fiscal wisdom in respect to acquiring a house or renting an apartment in Indianapolis has turned on its head. Buying a home allows for a source of pride and connectivity that you cannot derive from renting, but it could also be a source of difficulty and steep costs. Renting may bring some restrictions, but also provides for flexibility and fixed expenditures home ownership cannot. Here are a handful of things to know before deciding to buy a house or rent an apartment in Indianapolis.

Apartment building in Indianapolis

Money is Central

Costs, both upfront and ongoing, can vary wildly between renting an apartment and buying a house. The house buying transaction is rife with expenses that typically have to be collected upfront - in addition to your down payment. There are house appraisal and inspections, earnest money, first-year insurance bills, and other small charges - all before your ongoing bills even start. That’s not even including the additional prices of maintenance and any remodeling you may need.

Renting has a noticeably shorter limit for entry. Typical renting upfront fees include a security deposit, that month’s rent, and other various deposits or fees. While some say that money used on renting is wasted, money used on a space to stay is never a waste.

Living room in Indianapolis apartment
Living Room at The Legacy Apartments

Room for Yourself and the Entire Family 

What you need from your living area may be the determining consideration in determining if you should buy a house or rent an apartment in Indianapolis. The standard house square footage in North America is increasing, meaning more space for an office or an extra bathroom. A home may have a yard for kids and pets to move freely and play in.

You can discover apartments in assorted layouts and floorplans. For your unit, you can find anything from a 1-bedroom to a 3-bedroom, but the apartments all come in predefined layouts. Your apartment will likely have walking trails and a dog park, and neighbors living on the other side of the wall. Of course, most homes don’t come with amenities like a decked out workout room or swimming pool.

Repair in Indianapolis apartment

Maintenance Woes

While the freedom that comes with possessing a house is incredible, it does come with a price. In the off chance that a pipe burst or air conditioner break, it is on you or someone you hire to conduct the repairs. In an apartment, there is a trained maintenance staff that is always on stand-by. Not only is having a maintenance professional on-call useful, but it will likely also save you some sizable replacement fees. Repair expenses are a part of your renting fees, while any fixes on a home come straight from your bank account.

Freedom for Your Lifestyle

Your profession and lifestyle can be large factors in deciding to rent an apartment or buy a house in Indianapolis. Selling a house can be a lengthy, complex process. If you work in a position that calls for you to relocate regularly, undergoing the selling process could be more trouble than it is worth. Renting an apartment is a more simple process that doesn’t require any real estate agents or mortgages - only the apartment staff and you.

Ready To Start Looking For Your Perfect Apartment Space?

When you need an apartment in Indianapolis, your first choice should be StoneBridge Luxury Apartment Homes. We have spacious floorplans, helpful staff, and sublime amenities. Simply call 317-743-3314 or click the “schedule a tour button” to discover your perfect living space.
View Floor PlansSchedule a Tour