Should I Buy A House Or Rent An Apartment 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.
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.
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.