Should I Buy a House Or Rent an Apartment In Broad Ripple?

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

Money is Central

Costs, both upfront and reoccurring, can differ greatly between renting an apartment and buying a house. The property purchasing transaction is rife with charges that normally have to be paid upfront - in addition to the down payment. There is earnest money, property appraisal and inspections, first-year insurance costs, and other assorted bills - all before your ongoing bills even kick in. Not to mention the added prices of upkeep and any remodeling you may want.

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

Areas 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 a home gym or an extra bathroom. A house could have a backyard for kids and pets to run free and play in.

You can discover apartments in assorted layouts and floorplans. For your unit, 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 on the other side of the wall. Of course, most houses don’t come with amenities like a decked out workout room or swimming pool.

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 rental, there are maintenance professionals that is always on stand-by. Not only is having a maintenance professional on-call handy, but it can also save you some sizable repair costs. Repair fees are factored into your renting costs, 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 demands you to relocate regularly, taking on the selling procedure could be more stressful than it is worth. Renting an apartment is a more simplified 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.