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

January 20, 2021

Exterior of apartment in Bloomington

During the past decade, common financial wisdom in respect to purchasing a home or renting an apartment in Bloomington has been spun upside down. Buying property provides for a cause of pride and connectivity that you cannot obtain from renting, but it may also be an origin point for difficulty and big costs. Renting may have some constraints, but also creates room for adaptability and fixed expenditures home ownership does not. Here are a few things to think about prior to deciding to buy a house or rent an apartment in Bloomington.
Apartment building in Bloomington

Money is King

Costs, both initial expense and ongoing, can differ wildly between buying a house and renting an apartment. The home buying process is teeming with costs and fees that traditionally have to be collected upfront - in addition to the down payment. There is earnest money, property appraisal and inspections, first-year insurance fees, and other various charges - all before your ongoing bills even start. Not to mention the additional prices of maintenance and any renovations you may need.

Renting has a much smaller barrier for entry. Standard renting upfront fees include a security deposit, that month’s rent, and other various deposits or fees. While some say that money paid for renting is wasted, money spent on a place to stay is never a loss.

Living room in Bloomington apartment

Space for Yourself and the Entire Family 

What you want from your living space may be the determining factor in deciding if you should rent an apartment or buy a house in Bloomington. The standard house square footage in the US is continually growing, meaning more space for a home gym or a nursery. A house could have grass for kids and pets to roam free and play in.

You can discover apartments in numerous layouts and floorplans. Inside, you can get anything from a 1-bedroom to a 3-bedroom, but the units all come in fixed layouts. Your apartment will likely have walking paths and a dog park, and neighbors living in the unit next to you. Of course, most houses don’t come with amenities like a decked out gym or swimming pool

Repair in Bloomington apartment

Maintenance Woes

While the choices that come having a home is liberating, it does come with a few strings attached. In the off chance that a pipe burst or appliance break, it is up to you or someone you call in to make the repairs. In an apartment, there are maintenance professionals that is always just a call away. Not only is having a maintenance team on-call convenient, but it can also save you some big money. Repair fees are factored into your renting fees, while any fixes on a home come straight from your bank account.

Freedom and Flexibility for Your Way Of Living

Your career and lifestyle can be massive factors in whether to rent an apartment or buy a house in Bloomington. Selling your home can be a lengthy, stressful process. If you work in a position that requires you to relocate frequently, undergoing the selling process may be more taxing than it is worth. Renting an apartment is a more simple process that doesn’t involve real estate agents or banks - just the apartment staff and you.

Ready To Start Seeking For Your Dream Apartment Space?

When you want an apartment in Bloomington, your first choice should be City Flats on Walnut. We have spacious floorplans, helpful staff, and top-of-the-line amenities. Simply call 812-578-8827 or click the “schedule a tour button” to discover your perfect living space.