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

January 20, 2021

Exterior of apartment in Indianapolis

In the past decade, traditional wisdom in respect to buying property or renting an apartment in Indianapolis has been spun upside down. Buying property allows for a source of pride and connectedness that you cannot get from renting, but it may also be a source of frustration and serious costs. Renting may have some added rules, but also allows for adaptability and financial savings home ownership doesn’t. Here are a couple points to know before deciding to purchase a house or rent an apartment in Indianapolis.
 
Apartment building in Indianapolis

Money is Key

Costs, both initial expense and reoccurring, can differ wildly between buying a house and renting an apartment. The home purchasing process is rife with costs and fees that traditionally have to be given upfront - in addition to your down payment. There is earnest money, house appraisal and inspections, first-year insurance fees, and other small charges - all before your ongoing bills even start. Not to mention the additional costs of upkeep and any remodeling you may need.

Renting has a much shorter barrier for entry. Normal renting upfront costs 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

Areas for Yourself and the Entire Family 

What you want from your living space may be the critical factor in choosing if you should rent an apartment or buy a house in Indianapolis. The average house size in the United States is increasing, meaning more space for bedrooms or a nursery. A house may have a yard for kids and pets to roam free and play in.

You can find apartments in numerous layouts and floorplans. Inside, you can find anything from a 1-bedroom to a townhouse, but the units all come in static layouts. Your apartment will likely have walking trails and a dog park, and residents living right next to you. Of course, most properties don’t come with amenities like a decked out gym or swimming pool

Repair in Indianapolis apartment

All the Bells and Whistles

While the versatility that comes possessing a house is liberating, it does come with a price. In the off chance that a pipe burst or air conditioner break, it is on you or a handyman 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 specialist on-call convenient, but it can also save you some sizable money. Repair expenses are included in your renting costs, while any repairs on a house come straight from your savings.

Freedom and Flexibility for Your Lifestyle

Your career and lifestyle can be massive factors in whether to rent an apartment or buy a house in Indianapolis. Selling a house can be a lengthy, complex process. If you work a job that demands you to relocate routinely, undertaking the selling process will likely be more stressful than it is worth. Renting an apartment is a more simple 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’re ready for an apartment in Indianapolis, your first choice should be Penrose on Mass Apartments. We have spacious floorplans, attentive staff, and top-of-the-line amenities. Simply call 317-661-4399 or click the “schedule a tour button” to find your new apartment.