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Should I Buy A House Or Rent An Apartment In West Lafayette?

January 20, 2021

Exterior of apartment in West Lafayette

In the past decade, traditional wisdom in relation to buying property or renting an apartment in West Lafayette has been spun upside down. Buying a house allows for a cause of pride and connectedness that you cannot obtain from renting, but it can also be a source of frustration and serious costs. Renting may bring some added rules, but also allows for flexibility and financial savings home ownership does not. Here are a few notes to think about ahead of deciding to buy a house or rent an apartment in West Lafayette.
 
Apartment building in West Lafayette

Money is Central

Costs, both upfront and ongoing, can differ considerably between buying a house and renting an apartment. The home buying process is overflowing with expenses that traditionally have to be collected upfront - in addition to the down payment. There is earnest money, house appraisal and inspections, first-year insurance bills, and other assorted bills - all before your utility bills even start. Not to mention the additional prices of upkeep and any remodeling you may need.

Renting has a noticeably shorter barrier for entry. Standard renting upfront expenses include a security deposit, initial month’s rent, and other assorted deposits or payments. While some say that money paid for renting is gone forever, money paid on a location to reside is never a loss.

Living room in West Lafayette apartment

Room for You and the Entire Family 

What you want out of your living space may be the key consideration in choosing if you should buy a house or rent an apartment in West Lafayette. The average house square footage in the United States is continually growing, meaning more room for an office or an extra bathroom. A house will likely have a backyard for kids and pets to run free and play in.

You can locate apartments in various layouts and floorplans. For your unit, 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 trails and a dog park, and neighbors living on the other side of the wall. Of course, most properties don’t come with amenities like a stocked gym or swimming pool

Repair in West Lafayette apartment

Maintenance Woes

While the freedom that comes with possessing a house is incredible, it does come with a price. In the off chance that a pipe burst or appliance break, it is on you or a handyman you employ to make the repairs. In a complex, there are maintenance professionals that is available 24/7. Not only is having a maintenance specialist on-call handy, but it will likely also save you some sizable money. Repair costs are a part of your renting bill, while any fixes on a home come straight out of pocket.

Freedom and Flexibility for Your Way Of Living

Your career and lifestyle can be massive factors in deciding to buy a house or rent an apartment in West Lafayette. Selling your home can be a lengthy, complex process. If you work a job that demands you to relocate frequently, undertaking 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 money lending - only the apartment staff and you.

Ready To Start Seeking For Your Perfect Apartment Space?

When you want an apartment in West Lafayette, your first choice should be The Ivy Towns and Flats. We have luxurious floorplans, helpful staff, and top-of-the-line amenities. Simply call 765-300-4521 or click the “schedule a tour button” to find your new apartment.