Join the J.C. Hart Team! Click here to see our current job openings.

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

January 20, 2021

Exterior of apartment in Bloomington

In the past several years, common wisdom in regards to acquiring property or renting an apartment in Bloomington has turned on its head. Owning property allows for a point of pride and connectedness that you cannot obtain from renting, but it may also be a cause of difficulty and serious costs. Renting may come with some added rules, but also creates room for flexibility and financial savings home ownership does not. Here are a handful of notes to know before deciding to purchase a house or rent an apartment in Bloomington.
 
Apartment building in Bloomington

Money is Central

Costs, both in-advance and continuing, can differ considerably between renting an apartment and buying a house. The house buying procedure is overflowing with charges that typically have to be given upfront - not including your down payment. There is earnest money, home appraisal and inspections, first-year insurance fees, and other various charges - all before your ongoing bills even begin. That’s not even including the added price tag for maintenance and any renovations you may desire.

Renting has a noticeably shorter limit for entry. Normal renting upfront fees include a security deposit, first month’s rent, and other assorted deposits or fees. While some say that money used on renting is wasted, money paid on a space to stay is never a loss.

Living room in Bloomington apartment

Areas for You and the Entire Family 

What you want from your living quarters may be the key aspect in determining if you should rent an apartment or buy a house in Bloomington. The average house size in North America is continually growing, meaning more space for an office or a nursery. A home will likely have a yard for kids and pets to move freely and play in.

You can discover apartments in numerous layouts and floorplans. For your unit, you can find anything from a 1-bedroom to a 3-bedroom, but they all come in predefined layouts. Your apartment will likely have walking trails and a dog park, and residents living on the other side of the wall. Of course, most homes don’t come with amenities like a stocked gym or swimming pool

Repair in Bloomington apartment

Maintenance Woes

While the choices that come possessing a house is remarkable, it does come at a cost. In the off chance that a pipe burst or appliance break, it is on you or a handyman you call in to conduct the repairs. In a rental, there is a trained maintenance staff that is always just a call away. Not only is having a maintenance professional on-call convenient, but it can also save you some big money. Repair expenses are included in your renting fees, while any replacements on a home come straight from your bank account.

Freedom and Flexibility for Your Lifestyle

Your profession and lifestyle can be large factors in choosing to buy a house or rent an apartment in Bloomington. Selling your home can be a lengthy, drawn-out process. If you work in a position that calls for you to relocate routinely, undergoing the selling process could be more trouble than it is worth. Renting an apartment is a more simple process that doesn’t require any real estate agents or money lending - just 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 Echo Park Bloomington Apartments. We have luxurious floorplans, helpful staff, and sublime amenities. Simply call 812-578-7394 or click the “schedule a tour button” to discover your perfect living space.