Should I Buy A House Or Rent An Apartment In West Lafayette?
Money is Central
Costs, both upfront and reoccurring, can fluctuate considerably between buying a house and renting an apartment. The property buying procedure is teeming with expenses that normally have to be given upfront - in addition to the down payment. There is earnest money, home appraisal and inspections, first-year insurance fees, and other small bills - all before your ongoing bills even begin. That’s not even including the additional prices of maintenance and any restorations you may desire.
Renting has a considerably shorter barrier for entry. Standard renting upfront expenses include a security deposit, first month’s rent, and other assorted deposits or payments. While some say that money spent on renting is gone forever, money spent on a place to stay is never a loss.
Space for You and the Entire Family
What you require out of your living area may be the critical consideration in choosing if you should rent an apartment or buy a house in West Lafayette. The typical house floor size in the United States is continually growing, meaning more room for an office or an extra bathroom. A house could have a backyard for kids and pets to move freely and play in.
You can discover apartments in assorted layouts and floorplans. Inside, you can have anything from a 1-bedroom to a townhouse, but the units all come in static layouts. Your apartment should have have walking routes 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 fully equipped gym or swimming pool.
All the Bells and Whistles
While the freedom that comes with possessing a home is incredible, it does come with a few strings attached. Should a pipe burst or furnace break, it is on you or someone you hire to do the repairs. In a complex, there is a trained maintenance staff that is always just a call away. Not only is having a maintenance specialist on-call convenient, but it can also save you some sizable repair costs. Repair fees are a part of your renting bill, while any repairs on a home come directly out of pocket.
Freedom for Your Way Of Living
Your job and lifestyle can be determining factors in whether to rent an apartment or buy a house in West Lafayette. Selling your home can be a lengthy, complex process. If you work a job that calls for you to relocate frequently, undergoing the selling procedure may be more taxing than it is worth. Renting an apartment is a more simplified process that doesn’t involve real estate agents or mortgages - just the apartment staff and you.