While this blog will always encourage you to take on the amazing lifestyle and hearty challenge of running your own homestead, the reality is that self-sufficiency is not for everyone. It’s something of a huge adventure, and like all incredible quests, you’ll need to be realistic and pragmatic before you start out and spend a lot of money. With this in mind, here are some of the important questions you have to answer when buying a homestead- let’s take a closer look!
Big Questions to Ask When Buying a Homestead
What is the big idea?
This is one of the most important questions you should ask when buying a homestead. Like all things in life, you will be more knowledgeable about the life you have ahead of you if you make some concrete plans for your homestead. A lot of people love the idea of self-sufficiency and homestead life, but the reality is that few understand exactly how much work is involved.
Creating a plan for your homestead – complete with number, seasonal growth charts, and costs of feed, waste disposal and everything else involved – is the perfect way to realize what you are facing. Without a solid plan, you are only setting yourself up for failure. You can take a free 5-day email course called Design and Plan Your Ideal Homestead. It will get you well on your way to planning out your homestead.
Can I do this on the land I want to buy?
It’s vital to visit the land you intend to buy. A surprising number of people still buy blind and realize they can’t carry out what they originally hoped. Look into the deed restrictions, too. Some land is available to buy but will have limits on building work, styles, and minimum or maximum dwelling square footages.
You will also need to check on access rights and whether or not the land comes with mineral rights, timber or water. And finally, check your local ordinances to ensure your state, county, and municipality gives you permission to build. Failure to do any of these vital tasks can often result in extreme disappointment – so you have been warned!
The worst feeling comes after you purchased your dream property only to find out that you can’t build what you want to because zoning doesn’t allow so. Don’t make this mistake.
Is the building fit for purpose?
Please take some time making sure that the building you buy is worth the money. The homestead lifestyle is tough, and it will be made even more so if your home is in disarray and needs a lot of work done to it.
Hiring a home inspector is an absolute must, and will ensure that you pay a fair price and that the building is in good enough shape. While it’s fairly standard to end up redecorating or renovating a new homestead building to your liking, the reality is that any major work – such as structural repair – is hugely expensive and time-consuming.
Most banks require an inspection before you can purchase a home. However, some may offer this as optional. Never pass on an inspection. It could protect your investment in the future.
Is the area right for a venture like this?
Yet another important question when buying a homestead. It’s always best to seek out a homestead location that is in an area with a healthy economy. It might sound a little harsh, but if you are producing goods for sale, you’ll find that more people will buy from you if they have money, and it also reduces issues like widespread crime. And don’t forget, you or your children will want to sell your homestead one day in the future, and it will be worth more in a financially thriving area than one that is not.
Again, do your research here and never jump right into a decision about home or land buying. After all, this is your future, so you want it to be positive for you and your family.
Hopefully, you will have good answers to these vital questions – it is essential you do if you want to get off to the best of starts. Good luck and happy homesteading!