What Homestead Property Is Right For You?
Buying a homestead property is no easy matter in fact it was something I had to deeply think about and come to the realization that not everything is going to be perfect and I would need to put in the work and effort to make it my own.
There’s a number of very important things you should consider before buying your own homestead property. This comes from my own experience over the last 6 months and I hope it helps you when making your own decisions.
This video goes into greater detail and also includes a bonus tip at the end.
Respect Your Budget
Just because the bank is offering you a $500,000 loan does not mean you should take that loan. You should come in well below this number along with sitting down and understanding your own budget.Understand that your job income is not financial security and it could very well disappear at any moment. It’s best to be prepared for the worst and know you’ll still be ok and be able to manage.
Improvements
One of the first things I realized is that I wasn’t going to find everything I wanted in an already existing homestead property. This is where I created my must haves. One of the biggest was having good internet access because my job and income heavily rely on it. Besides that I knew with time and effort I could create everything else on my own.
Space Requirements
Depending on your own goals and resources taking care of large amounts of land can be very time consuming and also budget consuming. It’s also to think about what you want to do with your land. Are you looking to have an amazing garden for just you and your family? One or two acres could be plenty of space. Looking to expand into a business? Be sure to check zoning rights and how much space you’ll need for crops and livestock.
If you enjoy videos like this and found it helpful let me know by simply following me right here on Hive and 3Speak as I’ll be releasing more homesteading content so you can be better prepared for anything and self sufficient.
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@gubbatv this is so interesting and I've learnt a lot from your post. The budget aspect is very important because many go beyond their budget and in the long run they become indebted. Although, it's different here in Nigeria, you're not bothered about the number of goats you want to keep when you purchase the homestead property in the rural areas.
Thanks for sharing