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

January 20, 2021

Exterior of apartment in Bloomington

During the past decade, common fiscal wisdom in regards to buying a home or renting an apartment in Bloomington has been spun upside down. Owning a home provides for a point of pride and belonging that you cannot obtain from renting, but it may also be a source of difficulty and serious costs. Renting may come with some restrictions, but also allows for adaptability and financial savings home ownership doesn’t. Here are a couple points to know prior to deciding to acquire a house or rent an apartment in Bloomington.
Apartment building in Bloomington

Money is Central

Costs, both upfront and ongoing, can differ greatly between buying a house and renting an apartment. The home buying transaction is teeming with charges that normally have to be given upfront - not including the down payment. There is earnest money, house appraisal and inspections, first-year insurance bills, and other assorted bills - all before your ongoing bills even begin. Not to mention the supplementary costs of upkeep and any remodeling you may desire.

Renting has a considerably shorter limit for entry. Typical renting upfront expenses include a security deposit, that month’s rent, and other various deposits or payments. While some say that money paid for renting is wasted, money paid 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 determining factor in choosing if you should rent an apartment or buy a house in Bloomington. The typical house square footage in the US is continually growing, meaning more space for an office or an extra bathroom. A house could have a backyard for kids and pets to move freely and play in.

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

Repair in Bloomington apartment

Maintenance Woes

While the freedom that comes with having a house is remarkable, it does come at a cost. Should a pipe burst or appliance break, it is up to you or a handyman you hire to do the repairs. In a rental, there is a trained maintenance staff that is available 24/7. Not only is having a maintenance specialist on-call convenient, but it may also save you some sizable money. Repair fees are factored into your renting bill, while any fixes on a home come straight out of pocket.

Flexibility for Your Way Of Living

Your career 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, drawn-out process. If you work in a position that demands you to relocate routinely, taking on the selling process will likely be more stressful than it is worth. Renting an apartment is a more simplified process that doesn’t involve real estate agents or money lending - only the apartment staff and you.

Ready To Start Seeking For Your Ideal Apartment Space?

When you need an apartment in Bloomington, your first choice should be City Flats at Renwick. We have luxurious floorplans, attentive staff, and excellent amenities. Simply call 812-578-7432 or click the “schedule a tour button” to discover your new home.