A J.C. Hart Apartment Community in Greenwood, IN

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

January 20, 2021

Exterior of apartment in Greenwood

In the past decade, conventional fiscal wisdom in regards to acquiring a house or renting an apartment in Greenwood has flipped upside down. Obtaining property allows for a cause of pride and connectivity that you cannot get from renting, but it could also be an origin point for difficulty and big costs. Renting may have some constraints, but also allows for adaptability and fixed expenditures home ownership cannot. Here are a couple points to think about prior to deciding to purchase a house or rent an apartment in Greenwood.
Apartment building in Greenwood

Money is Central

Costs, both in-advance and reoccurring, can differ considerably between buying a house and renting an apartment. The property purchasing transaction is rife with costs and fees that normally have to be collected upfront - in addition to the down payment. There are property appraisal and inspections, earnest money, first-year insurance fees, and other small bills - all before your monthly bills even begin. Not to mention the supplementary costs of repairs and any remodeling you may desire.

Renting has a much lower barrier 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 gone forever, money spent on a place to live is never a waste.

Living room in Greenwood apartment

Areas for You and the Entire Family 

What you want from your living area may be the key consideration in choosing if you should rent an apartment or buy a house in Greenwood. The average house square footage in North America is continually growing, meaning more space for bedrooms or an extra bathroom. A house could have a backyard for kids and pets to roam free and play in.

You can find apartments in numerous layouts and floorplans. Inside, you can find anything from a 1-bedroom to a 3-bedroom, but they all come in fixed layouts. Your apartment should have have walking paths and a dog park, and neighbors 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 Greenwood apartment

Maintenance Woes

While the versatility that comes having a home is remarkable, it does come at a cost. In the event that a pipe burst or air conditioner break, it is on you or someone you employ to make the repairs. In a rental, 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 serious repair costs. Repair costs are factored into your renting costs, while any replacements on a home come directly from your savings.

Freedom for Your Lifestyle

Your career and lifestyle can be massive factors in whether to rent an apartment or buy a house in Greenwood. Selling a house can be a long, drawn-out process. If you work in a position that requires you to relocate regularly, taking on the selling procedure will likely be more taxing than it is worth. Renting an apartment is a more simplified process that doesn’t involve real estate agents or mortgages - simply the apartment staff and you.

Ready To Start Looking For Your Ideal Apartment Space?

When you need an apartment in Greenwood, your first choice should be Bayshore Apartments. We have luxurious floorplans, courteous staff, and excellent amenities. Simply call 317-886-1849 or click the “schedule a tour button” to find your new home.