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Should I Buy A House Or Rent An Apartment In Indianapolis?

January 20, 2021

Exterior of apartment in Indianapolis

During the 21st century, traditional wisdom in relation to purchasing a house or renting an apartment in Indianapolis has been spun on its head. Owning a home allows for a source of pride and connectivity that you cannot derive from renting, but it may also be an origin point for difficulty and steep costs. Renting may bring some restrictions, but also creates room for flexibility and fixed expenditures home ownership does not. Here are a couple things to know before deciding to buy a house or rent an apartment in Indianapolis.
Apartment building in Indianapolis

Money is Central

Costs, both in-advance and ongoing, can vary wildly between renting an apartment and buying a house. The house buying procedure is rife with expenses that typically have to be paid upfront - in addition to your down payment. There is earnest money, house appraisal and inspections, first-year insurance costs, and other assorted charges - all before your ongoing bills even kick in. That’s not even including the added costs of maintenance and any restorations you may need.

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

Living room in Indianapolis apartment

Room for Yourself and the Entire Family 

What you need from your living space 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 backyard for kids and pets to move freely and play in.

You can discover apartments in numerous layouts and floorplans. For your unit, you can have anything from a 1-bedroom to a 3-bedroom, but the units all come in predefined layouts. Your apartment will likely have walking trails and a dog park, and neighbors living right next to you. Of course, most properties 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 having a house is incredible, it does come with a price. In the event 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 fees are a part of your renting fees, while any fixes on a home come straight from your savings.

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 arduous, complex process. If you work in a position that demands 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 money lending - only the apartment staff and you.

Ready To Start Looking For Your Perfect Apartment Space?

When you’re ready for an apartment in Indianapolis, your first choice should be StoneBridge Luxury Apartment Homes. We have spacious floorplans, helpful staff, and sublime amenities. Simply call 317-743-2959 or click the “schedule a tour button” to locate your new home.