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

January 20, 2021

Exterior of apartment in Fishers

In the past several years, traditional financial wisdom in respect to purchasing a home or renting an apartment in Fishers has turned upside down. Owning property provides for a point of pride and connectedness that you cannot obtain from renting, but it can also be an origin point for frustration and steep costs. Renting may have some constraints, but also provides for adaptability and financial savings home ownership does not. Here are a handful of notes to know ahead of deciding to purchase a house or rent an apartment in Fishers.
 
Apartment building in Fishers

Money is King

Costs, both initial expense and ongoing, can vary greatly between renting an apartment and buying a house. The house purchasing process is rife with expenses that traditionally have to be paid upfront - in addition to the down payment. There are house appraisal and inspections, earnest money, first-year insurance bills, and other small fees - all before your ongoing bills even kick in. That’s not even including the supplementary prices of maintenance and any remodeling you may need.

Renting has a much lower barrier for entry. Standard renting upfront costs include a security deposit, first month’s rent, and other various deposits or payments. While some say that money spent on renting is gone forever, money used on a location to reside is never a loss.

Living room in Fishers apartment

Space for Yourself and the Entire Family 

What you require out of your living space may be the determining consideration in choosing if you should buy a house or rent an apartment in Fishers. The standard house size in North America is increasing, meaning more room for bedrooms or a nursery. A house will likely have a backyard for kids and pets to roam free and play in.

You can discover apartments in various layouts and floorplans. Inside, you can find anything from a 1-bedroom to a townhouse, but the units 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 houses don’t come with amenities like a fully equipped gym or swimming pool

Repair in Fishers apartment

All the Bells and Whistles

While the freedom that comes with possessing a house is remarkable, it does come with a price. Should a pipe burst or furnace break, it is up to you or someone you employ to make the repairs. In a complex, there is a trained maintenance staff that is always just a call away. Not only is having a maintenance professional on-call handy, but it will likely also save you some sizable replacement fees. Repair fees are factored into your renting bill, while any repairs on a home come directly from your savings.

Freedom and Flexibility for Your Way Of Living

Your profession and lifestyle can be determining factors in whether to buy a house or rent an apartment in Fishers. Selling a house can be a lengthy, stressful process. If you work a job that calls for you to relocate routinely, undertaking the selling process will likely be more stressful than it is worth. Renting an apartment is a more simplified process that doesn’t require any real estate agents or mortgages - just the apartment staff and you.

Ready To Begin Seeking For Your Perfect Apartment Space?

When you want an apartment in Fishers, your first choice should be The Hamilton Luxury Apartment Homes. We have roomy floorplans, helpful staff, and top-of-the-line amenities. Simply call 317-900-4375 or click the “schedule a tour button” to find your perfect living space.