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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

During the past several years, conventional financial wisdom in relation to buying a home or renting an apartment in West Lafayette has turned on its head. Obtaining a house gives for a source of pride and belonging that you cannot derive from renting, but it could also be an origin point for difficulty and steep costs. Renting may come with some restrictions, but also creates room for flexibility and fixed expenditures home ownership does not. Here are a few notes to think about ahead of deciding to purchase a house or rent an apartment in West Lafayette.
 
Apartment building 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.

Living room in West Lafayette apartment

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

Repair in West Lafayette apartment

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.

Ready To Begin Seeking For Your Perfect Apartment Space?

When you need an apartment in West Lafayette, your first choice should be Continuum Apartments. We have roomy floorplans, attentive staff, and top-of-the-line amenities. Simply call 765-767-5222 or click the “schedule a tour button” to discover your new apartment.