Should I Buy a House Or Rent an Apartment In Bloomington?

In the 21st century, traditional fiscal wisdom in relation to acquiring a home or renting an apartment in Bloomington has flipped on its head. Buying a house provides for a point of pride and belonging that you cannot obtain from renting, but it could also be a cause of difficulty and serious costs. Renting may have some constraints, but also creates room for flexibility and fixed expenditures home ownership doesn’t. Here are a handful of points to know prior to deciding to buy a house or rent an apartment in Bloomington.

Money is Key

Costs, both upfront and ongoing, can differ wildly between buying a house and renting an apartment. The home purchasing transaction is rife with expenses that typically have to be paid upfront - in addition to your down payment. There are home appraisal and inspections, earnest money, first-year insurance fees, and other small fees - all before your monthly bills even start. That’s not even including the added price tag for repairs and any remodeling you may want.

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

Room for You and the Entire Family 

What you need from your living area may be the critical factor in deciding if you should rent an apartment or buy a house in Bloomington. The standard house size in the US is increasing, meaning more space for an office or an extra bathroom. A house could have a backyard for kids and pets to roam free and play in.

You can locate apartments in assorted layouts and floorplans. At most complexes, you can find anything from a 1-bedroom to a 3-bedroom, but the apartments all come in fixed layouts. Your apartment will likely have walking routes and a dog park, and other families living in the unit next to you. Of course, most properties don’t come with amenities like a stocked workout room or swimming pool.

All the Bells and Whistles

While the choices that come owning a home is remarkable, it does come with a few strings attached. Should a pipe burst or appliance break, it is up to you or a handyman you call in to do the repairs. In an apartment, there is a trained maintenance staff that is available 24/7. Not only is having a maintenance team on-call handy, but it will likely also save you some sizable money. Repair expenses are factored into your renting bill, while any repairs on a house come directly out of pocket.

Freedom for Your Way Of Living

Your job and lifestyle can be large factors in deciding to rent an apartment or buy a house in Bloomington. Selling a house can be a arduous, complex process. If you work a job that requires you to relocate routinely, taking on the selling procedure may be more stressful than it is worth. Renting an apartment is a more streamlined process that doesn’t require any real estate agents or banks - only the apartment staff and you.

Ready To Start Seeking For Your Perfect Apartment Space?

When you need an apartment in Bloomington, your first choice should be City Flats on Tenth. We have spacious floorplans, attentive staff, and excellent amenities. Simply call 812-561-1974 or click the “schedule a tour button” to find your new home.