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

In the past decade, common wisdom in relation to buying property or renting an apartment in Indianapolis has turned upside down. Owning property allows for a source of pride and connectivity that you cannot get from renting, but it may also be an origin point for frustration and serious costs. Renting may have some constraints, but also allows for adaptability and financial savings home ownership doesn’t. Here are a couple points to know ahead of deciding to purchase a house or rent an apartment in Indianapolis.

Apartment building in Indianapolis

Money is Key

Costs, both initial expense and continuing, can differ greatly between buying a house and renting an apartment. The property purchasing process is teeming with costs and fees that normally have to be given upfront - in addition to your down payment. There are home appraisal and inspections, earnest money, first-year insurance costs, and other small charges - all before your ongoing bills even kick in. Not to mention the added prices of repairs and any remodeling you may desire.

Renting has a much shorter barrier for entry. Normal renting upfront fees include a security deposit, first month’s rent, and other assorted deposits or fees. While some say that money spent on renting is wasted, money spent on a place to reside is never a loss.

Living room in Indianapolis apartment
Living Room at The Legacy Apartments

Areas for Yourself and the Entire Family 

What you require from your living area may be the key factor in determining if you should rent an apartment or buy a house in Indianapolis. The average house size in the United States is trending upward, meaning more space for bedrooms or a nursery. A house may have a yard for kids and pets to move freely and play in.

You can find apartments in assorted layouts and floorplans. Inside, you can have anything from a 1-bedroom to a townhouse, but the apartments all come in static layouts. Your apartment will likely have walking trails and a dog park, and other families living on the other side of the wall. Of course, most homes don’t come with amenities like a fully equipped gym or swimming pool.

Repair in Indianapolis apartment

All the Bells and Whistles

While the versatility that comes possessing a house is remarkable, it does come with a price. In the event that a pipe burst or furnace break, it is on you or a professional you hire to make the repairs. In a rental, there are maintenance professionals that is always just a call away. Not only is having a maintenance professional on-call useful, but it can also save you some sizable money. Repair fees are included in your renting costs, while any repairs on a house come straight from your bank account.

Freedom and Flexibility for Your Lifestyle

Your career and lifestyle can be determining factors in whether to rent an apartment or buy a house in Indianapolis. Selling a house can be a arduous, complex process. If you work a job that demands you to relocate routinely, undertaking the selling process will likely be more trouble than it is worth. Renting an apartment is a more simplified process that doesn’t involve real estate agents or mortgages - simply the apartment staff and you.

Ready To Begin Looking For Your Perfect Apartment Space?

When you need an apartment in Indianapolis, your first choice should be Penrose on Mass Apartments. We have spacious floorplans, courteous staff, and sublime amenities. Simply call 317-661-4399 or click the “schedule a tour button” to find your new apartment.
Penrose on Mass Apartments
530 Massachusetts Ave.
IndianapolisIndiana 46204
Phone: 317-661-4399
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Office Hours
  • Monday  9:00 - 6:00
  • Tuesday  9:00 - 6:00
  • Wednesday  9:00 - 6:00
  • Thursday  9:00 - 6:00
  • Friday  9:00 - 6:00
  • Saturday  10:00 - 5:00
  • Sunday  CLOSED
Apartments Close to Indianapolis, IN
J.C. Hart is an equal housing opportunity provider.
Penrose on Mass Apartments
Penrose on Mass Apartments is a luxury apartment community located at Massachusetts Ave. and New Jersey Ave. in Indianapolis. Owned and operated by the J.C. Hart Company, we're dedicated to making a place our Residents can call home. We offer several different floor plans and amenities to fit any lifestyle, and our Residents love living near Mass Avenue.
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