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

January 20, 2021

Exterior of apartment in Carmel

In the past several years, conventional wisdom in respect to acquiring a house or renting an apartment in Carmel has flipped upside down. Buying a house gives for a source of pride and connectivity that you cannot obtain from renting, but it can also be a source of frustration and steep costs. Renting may come with some constraints, but also allows for adaptability and financial savings home ownership doesn’t. Here are a couple notes to know ahead of deciding to acquire a house or rent an apartment in Carmel.
Apartment building in Carmel

Money is Key

Costs, both initial expense and ongoing, can differ greatly between renting an apartment and buying a house. The house buying transaction is teeming with expenses that normally have to be collected upfront - not including the down payment. There is earnest money, home appraisal and inspections, first-year insurance bills, and other small fees - all before your utility bills even kick in. That’s not even including the additional price tag for maintenance and any renovations you may need.

Renting has a noticeably lower limit for entry. Typical renting upfront costs include a security deposit, initial month’s rent, and other various deposits or payments. While some say that money spent on renting is gone forever, money spent on a space to stay is never a waste.

Living room in Carmel apartment

Areas for You and the Entire Family 

What you need from your living space may be the critical factor in choosing if you should rent an apartment or buy a house in Carmel. The standard house square footage in the United States is continually growing, meaning more room for an office or an extra bathroom. A house may have a backyard for kids and pets to move freely and play in.

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

Repair in Carmel apartment

Maintenance Woes

While the freedom that comes with having a house is remarkable, it does come with a few strings attached. In the off chance that a pipe burst or air conditioner break, it is up to you or a professional you employ to conduct the repairs. In an apartment, there are maintenance professionals that is always on stand-by. Not only is having a maintenance professional on-call convenient, but it will likely also save you some sizable repair costs. Repair fees are factored into your renting fees, while any replacements on a house come directly out of pocket.

Freedom for Your Lifestyle

Your profession and lifestyle can be massive factors in whether to rent an apartment or buy a house in Carmel. Selling your home can be a long, complex process. If you work in a position that calls for you to relocate regularly, taking on the selling process could be more trouble than it is worth. Renting an apartment is a more simplified process that doesn’t require any real estate agents or money lending - just the apartment staff and you.

Ready To Begin Seeking For Your Ideal Apartment Space?

When you’re ready for an apartment in Carmel, your first choice should be Lakeside Apartments. We have roomy floorplans, helpful staff, and top-of-the-line amenities. Simply call 317-344-8491 or click the “schedule a tour button” to locate your new home.