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

During the past decade, common wisdom in regards to buying property or renting an apartment in Bloomington has been spun on its head. Buying a home gives for a cause of pride and belonging that you cannot derive from renting, but it may also be an origin point for difficulty and serious costs. Renting may bring some restrictions, but also allows for adaptability and financial savings home ownership doesn’t. Here are a handful of notes to know prior to deciding to acquire a house or rent an apartment in Bloomington.

Money is Central

Costs, both upfront and ongoing, can differ greatly between buying a house and renting an apartment. The home buying procedure is teeming with charges that traditionally 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 prices of upkeep and any remodeling you may desire.

Renting has a noticeably 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 used on renting is wasted, money paid on a space to stay is never a waste.

Areas for You and the Entire Family 

What you need from your living area may be the determining factor in determining 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 yard for kids and pets to move freely and play in.

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

Maintenance Woes

While the freedom that comes with possessing a house 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 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 professional on-call convenient, but it will likely also save you some sizable money. Repair expenses are factored into your renting costs, 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 calls for 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 mortgages - 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 locate your perfect living space.