Ah, the age-old debate: to rent or to buy? It’s kind of like deciding between a treadmill or a gym membership—both get the job done, but one might lock you into a commitment you’re not ready for. Deciding whether to rent or buy in Lebanon is no small feat, but hey, that’s what I’m here for—your guide through the housing maze. Let’s break it down, sprinkle in some stats, and help you figure out what works best for you.
Pros of Renting a House in Lebanon
Maintenance-Free Living Leaky faucet? Broken dishwasher? As a renter, you don’t have to Google “how to fix a clogged sink” at 2 a.m. Your landlord’s got you covered. That’s one less headache and a great excuse to binge another season of your favorite show guilt-free.
Flexibility to Roam Renting is like a “choose your own adventure” book—you’re not locked into one spot. Need to relocate for work or just got bitten by the travel bug? No problem! According to recent stats, the average renter moves every 3 years, making it a great option for those who aren’t ready to settle down.
Lower Upfront Costs Buying a house means coughing up a hefty down payment, but renting? Not so much. All you need is a security deposit (likely one month’s rent) and your first month’s payment. Fun fact: In Lebanon, the average rent for a 3-bedroom home is about $3400, which is often less intimidating than a 20% down payment on a $400,000 home.
Cons of Renting a House in Lebanon
Rent Increases Here’s the kicker: your rent isn’t fixed. Landlords can bump up the price when your lease is up. In fact, rents in Lebanon have risen by an average of 5% over the past year. Budgeting just got trickier. Focusing on two-bedroom units, the New Hampshire Housing Finance Authority’s 2024 Residential Rental Cost Survey reports a 36% increase in the statewide median gross rent over the past five years, rising from $1,347 in 2019 to $1,833 in 2024. While this pace is expected to slow it is something you want to take into account.
No Equity, No Party Every rent check you send is essentially paying your landlord’s mortgage. Ouch. That’s money you’ll never see again. On the flip side, homeowners in Lebanon who purchased in 2018 have seen their property values rise by an average of Between 2018 and 2023, New Hampshire’s median single-family home price increased from $283,000 to $470,000, marking a 66% rise over five years. NH Business Review. This equates to an average annual appreciation rate of approximately 10.7%.It’s important to note that appreciation rates can vary by region within the state.
Lack of Control Love customizing your space? Good luck with that. Most landlords won’t let you paint the walls or install that Pinterest-worthy backsplash. You’re stuck with beige—so much beige.
Pros of Buying a House in Lebanon
You’re Building Equity Here’s the deal: with every mortgage payment, you’re not just paying off your loan—you’re investing in yourself. Homeowners in the U.S. saw their equity grow by a whopping $1.5 trillion in the past year alone. That’s money you can leverage down the road.
Freedom to Personalize Paint your front door neon pink, start that vegetable garden, or install a slide in the living room (yes, people do this). It’s your house, your rules.
Tax Perks Uncle Sam isn’t always stingy—homeowners can deduct mortgage interest and property taxes, which can save you thousands annually. Cha-ching!
Cons of Buying a House in Lebanon
Cha-Cha-Ching Upfront Let’s not sugarcoat it—buying a home requires cash upfront. A 20% down payment on a $300,000 home is $60,000 (and that’s not even counting closing costs). If you’re not there yet, renting might be the better play.
Maintenance and Repairs Are on You When the roof leaks or the furnace goes kaput, it’s your wallet on the line. On average, homeowners spend about 1%–2% of their home’s value annually on maintenance. That’s about $3,000 a year for a $300,000 home.
Less Wiggle Room Selling a house isn’t as easy as breaking a lease. If you’re not ready to commit to Lebanon for at least 5–7 years, renting might be the more flexible option.
How Brendan Callahan Realtor - Susan Cole Realty Group Can Help
There’s no one-size-fits-all answer. If you value flexibility, low upfront costs, and avoiding repair headaches, renting might be the way to go. But if you’re ready to put down roots, build equity, and make your space truly your own, buying is a fantastic investment.
Still on the fence? That’s where I come in. At Brendan Callahan Realtor - Susan Cole Realty Group, we’ve helped countless families in Lebanon navigate this decision. Whether you’re looking for the perfect rental or your dream home, we’ve got you covered.
Shoot me a call at 603-443-3149 or email me at brendan@susancolerealty.com. Let’s chat about your goals and make this decision a whole lot easier (and maybe even fun). After all, that’s what I’m here for!
For those who are considering renting a house in Lebanon, we offer a wide range of rental properties to choose from. Our experienced team can help you find a property that fits your budget and your lifestyle, and we can handle all of the paperwork and logistics associated with renting a house.
For those who are considering buying a house in Lebanon, we offer a variety of real estate services to help you find your dream home. Our team of experienced real estate agents can help you navigate the complex real estate market in Lebanon, and we can provide you with valuable insights and advice to help you make an informed decision.
Deciding whether to rent or buy a house in Lebanon can be a difficult decision. Each option has its advantages and disadvantages, and the decision ultimately depends on your individual needs and circumstances. At Brendan Callahan Realtor - Susan Cole Realty Group, we are here to help you make an informed decision and find the housing option that is right for you. Reach out to our team today to learn more about your available options! (603) 443-3149