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Should I Buy a House Or Rent an Apartment In Bloomington?

During the past decade, traditional financial wisdom in respect to acquiring a home or renting an apartment in Bloomington has turned upside down. Buying a house gives for a point of pride and connectedness that you cannot obtain from renting, but it could also be an origin point for difficulty and big costs. Renting may have some constraints, but also provides for adaptability and fixed expenditures home ownership cannot. 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 Central

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 normally have to be collected upfront - in addition to the down payment. There is first-year insurance bills, earnest money, home appraisals and inspections, and other various bills - all before your ongoing bills even kick in. Not to mention the additional costs of maintenance and any renovations you may need.

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

Living room in Bloomington apartment
Living Room at The Legacy Apartments

Space for Yourself and the Entire Family 

What you require from your living area 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 locate 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 fully equipped gym or swimming pool.

Repair in Bloomington apartment

Maintenance Woes

While the versatility that comes having a home is liberating, it does come with a few strings attached. In the event that a pipe burst or appliance break, it is up to you or someone you employ 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 useful, but it can also save you some sizable 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 routinely, undergoing the selling process may be more taxing than it is worth. Renting an apartment is a more simplified 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 locate your perfect living space.
City Flats on Walnut
700 N. Walnut St.
BloomingtonIndiana 47404
Phone: 812-578-8827
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Office Hours
  • Monday  9:00 - 6:00
  • Tuesday  9:00 - 6:00
  • Wednesday  9:00 - 6:00
  • Thursday  9:00 - 6:00
  • Friday  9:00 - 6:00
  • Saturday  10:00 - 5:00
  • Sunday  CLOSED
Apartments Close to Bloomington, Indiana
J.C. Hart is an equal housing opportunity provider.
City Flats on Walnut
City Flats on Walnut is a luxury apartment community located at E 10th St. and N Walnut St. in Bloomington. Owned and operated by the J.C. Hart Company, we're dedicated to making a place our Residents can call home. We offer many floor plans and amenities to fit any lifestyle, and our Residents love living near Indiana University Campus.
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