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Should I Buy A House Or Rent An Apartment In Broad Ripple?

January 20, 2021

Exterior of apartment in Broad Ripple

During the 21st century, conventional fiscal wisdom in relation to acquiring a house or renting an apartment in Broad Ripple has been spun on its head. Obtaining a home provides for a point of pride and connectivity that you cannot derive from renting, but it could also be a source of frustration and steep costs. Renting may bring some added rules, but also provides for flexibility and financial savings home ownership cannot. Here are a couple things to know ahead of deciding to buy a house or rent an apartment in Broad Ripple.
Apartment building in Broad Ripple

Money is Central

Costs, both upfront and reoccurring, can fluctuate wildly between renting an apartment and buying a house. The property purchasing procedure is rife with charges that normally have to be collected upfront - in addition to the down payment. There is first-year insurance fees, earnest money, house appraisals and inspections, and other assorted charges - all before your ongoing bills even start. Not to mention the additional prices of repairs and any remodeling you may want.

Renting has a considerably shorter barrier for entry. Typical renting upfront expenses include a security deposit, first month’s rent, and other various deposits or payments. While some say that money paid for renting is gone forever, money used on a place to stay is never a waste.

Living room in Broad Ripple apartment

Room for You and the Entire Family 

What you require from your living quarters may be the critical factor in determining if you should buy a house or rent an apartment in Broad Ripple. The average house size in North America is continually growing, meaning more space for an office or an extra bathroom. A house could have a yard for kids and pets to run free and play in.

You can locate apartments in numerous layouts and floorplans. At most complexes, you can get 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 houses don’t come with amenities like a fully equipped workout room or swimming pool

Repair in Broad Ripple apartment

Maintenance Woes

While the freedom that comes with owning a home is incredible, it does come with a few strings attached. Should a pipe burst or air conditioner break, it is on you or a handyman you hire to conduct the repairs. In a complex, there are maintenance professionals that is always on stand-by. Not only is having a maintenance specialist on-call handy, but it can also save you some sizable replacement fees. Repair expenses are factored into your renting bill, while any replacements on a home come directly out of pocket.

Freedom and Flexibility for Your Way Of Living

Your job and lifestyle can be large factors in whether to buy a house or rent an apartment in Broad Ripple. Selling your home can be a lengthy, stressful process. If you work a job that calls for you to relocate regularly, undergoing the selling procedure will likely be more stressful than it is worth. Renting an apartment is a more simple process that doesn’t require any real estate agents or money lending - just the apartment staff and you.

Ready To Start Looking For Your Ideal Apartment Space?

When you need an apartment in Broad Ripple, your first choice should be Park 66 Flats. We have spacious floorplans, courteous staff, and excellent amenities. Simply call 317-820-2209 or click the “schedule a tour button” to discover your new apartment.