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

January 20, 2021

Exterior of apartment in Bloomington

In the 21st century, traditional wisdom in respect to purchasing property or renting an apartment in Bloomington has flipped on its head. Buying a house gives for a point of pride and belonging that you cannot derive from renting, but it could also be a cause of difficulty and serious costs. Renting may have some added rules, but also creates room for flexibility and fixed expenditures home ownership doesn’t. Here are a handful of notes to know prior to deciding to buy a house or rent an apartment in Bloomington.
 
Apartment building in Bloomington

Money is Key

Costs, both upfront and ongoing, can differ greatly between buying a house and renting an apartment. The property purchasing procedure is rife with expenses that typically have to be paid upfront - in addition to your down payment. There is first-year insurance costs, earnest money, home appraisals and inspections, and other assorted fees - all before your monthly bills even start. That’s not even including the additional price tag for upkeep and any restorations you may want.

Renting has a much smaller limit for entry. Standard 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 space to stay is never a waste.

Living room in Bloomington apartment

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 typical house size in the US is increasing, meaning more space for a home gym or an extra bathroom. A house could have a backyard for kids and pets to move freely and play in.

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

Repair in Bloomington apartment

All the Bells and Whistles

While the versatility that comes owning a home is remarkable, it does come at a cost. Should a pipe burst or appliance break, it is up to you or a handyman you call in to conduct the repairs. In an apartment, there is a trained maintenance staff that is always on stand-by. Not only is having a maintenance team on-call handy, but it may also save you some sizable money. Repair expenses are factored into your renting costs, while any repairs on a house come directly out of pocket.

Freedom for Your Way Of Living

Your profession and lifestyle can be large factors in choosing to rent an apartment or buy a house in Bloomington. Selling a house can be a arduous, stressful process. If you work a job that requires you to relocate routinely, undergoing 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 - simply 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 perfect living space.