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Homesteading can be both financially and personally rewarding for people after they’ve retired from their lifelong careers. This can be a time to finally live the life you may have dreamed of for years. The Egg Carton Store outlines a few reasons why homesteading is a good idea.
You can gain an enormous sense of accomplishment by seeing the fruits of your labor. Growing a field of crops or a pen of goats or chickens that produce the healthy vegetables, cheese, and eggs that you can sell to people looking for a more organic and natural way of eating for themselves and their families can be very satisfying. You’ll save money on food, get more exercise, reduce your stress levels by being outside more, and grow your social network of friends in the adjacent homesteading community.
What is Your Budget?
Determining your budget will help you narrow down your choices and avoid overspending. Rely on your present income and not how much you think you’ll earn from your property to start making your budget. Next, calculate your expenses, such as car payments and credit card and loan repayments.
When budgeting for the cost of the property, first check to see what properties are going for in the area to get a handle on what you may (or may not) be able to afford. This can be as simple as using an online real estate search platform and seeing how hot the local housing market is. For example, homes in Gig Harbor are currently selling at an average price of $750,000 and they’re staying on the market for about a month. Also don’t forget moving costs, closing costs, and any repairs or renovations that need to be made.
Then talk to a mortgage lender to determine what your monthly payments will be, the interest rate you can expect to pay, and how much you’ll be able to borrow. Experian notes that they can also offer you a preapproval letter to show sellers you’re serious and able to make a bona fide offer.
Then hire a qualified real estate agent to help you find the property that will not only fit your needs but your budget.
If you’ve found the perfect spot but need some more time to sell your home, ask about an extended closing. This will need to be negotiated with the seller and details worked out with the escrow company that is handling the closing. You may even need to sign an amendment with the extended date of closing. Keep in mind this may require additional costs to you.
Buying Land
There are several things to consider when selecting a homesteading property. Your real estate agent will be able to help you there. But when you’re out scouting properties on your own, there are a few things to look out for.
How close to the water are you? Can you bring water in from a freshwater source? Will you have rights to that water? Is there a municipal water source you can access? If you dig a well, consider the minerals in the land and get it tested first.
How will you access power? Research the cost of bringing power to your home. Solar Magazine points out that you might also want to research the cost and benefits of adding solar power shingles to your home.
If you’re looking in an area you’re not familiar with, research the climate, then speak to local agriculture experts to ensure that the client meets your needs.
Homesteading as a Business
First, determine if there is a market for what you plan to sell. If you’re making jams, soaps, or handmade items or selling eggs, vegetables, or plants, you should know first if you’ll be able to sell them locally at a farmer’s market or to retail shops nearby.
Determine the best business structure. This could be a sole proprietorship or a corporation. An LLC is preferred by many new business owners since it protects your personal assets by keeping them separate from your business finances. It has favorable tax benefits, requires less paperwork, and can be set up without an attorney.
Have a clear idea of what you expect from your homestead. Will it be an egg-related business or a hobby? That way, you can make a better decision about the kind of property to look for and how much you’ll need to budget. Keep in mind the amount of labor you’re willing to put into it, too. By making a plan for what you want and how you’ll manage it as a business, your homestead can take care of you for years to come.
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