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