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

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

January 20, 2021

Exterior of apartment in Lafayette

In the past decade, traditional fiscal wisdom in relation to acquiring a house or renting an apartment in Lafayette has flipped upside down. Obtaining a house allows for a source of pride and belonging that you cannot obtain from renting, but it could also be a cause of difficulty and serious costs. Renting may bring some added rules, but also provides for adaptability and financial savings home ownership doesn’t. Here are a few things to think about ahead of deciding to purchase a house or rent an apartment in Lafayette.
Apartment building in Lafayette

Money is Central

Costs, both upfront and ongoing, can differ considerably between renting an apartment and buying a house. The home buying transaction is rife with charges that typically have to be paid upfront - in addition to the down payment. There is earnest money, property appraisal and inspections, first-year insurance bills, and other various charges - all before your ongoing bills even start. Not to mention the supplementary costs of maintenance and any remodeling you may want.

Renting has a noticeably shorter limit for entry. Typical renting upfront costs include a security deposit, first month’s rent, and other assorted deposits or fees. While some say that money spent on renting is wasted, money spent on a space to live is never a waste.

Living room in Lafayette apartment

Room for Yourself and the Entire Family 

What you want out of your living quarters may be the key aspect in deciding if you should buy a house or rent an apartment in Lafayette. The standard house square footage in the US is continually growing, meaning more room for a home gym or a nursery. A house could have grass for kids and pets to move freely and play in.

You can locate apartments in various layouts and floorplans. Inside, you can find anything from a 1-bedroom to a 3-bedroom, but they all come in static layouts. Your apartment should have have walking routes and a dog park, and other families living right next to you. Of course, most homes don’t come with amenities like a stocked gym or swimming pool

Repair in Lafayette apartment

Maintenance Woes

While the freedom that comes with owning a house is incredible, it does come with a price. In the event that a pipe burst or appliance break, it is on you or a handyman you call in to make the repairs. In a complex, there are maintenance professionals that is always just a call away. Not only is having a maintenance team on-call handy, but it may also save you some big repair costs. Repair fees are included in your renting costs, while any replacements on a house come directly out of pocket.

Freedom for Your Way Of Living

Your job and lifestyle can be massive factors in whether to buy a house or rent an apartment in Lafayette. Selling your home can be a lengthy, stressful 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 simple process that doesn’t involve real estate agents or money lending - simply the apartment staff and you.

Ready To Start Seeking For Your Dream Apartment Space?

When you need an apartment in Lafayette, your first choice should be Precedent Flats. We have luxurious floorplans, helpful staff, and excellent amenities. Simply call 765-771-7085 or click the “schedule a tour button” to find your perfect living space.