Building a new homestead may seem like an attractive prospect. You get to design, plan and create the place where you’ll live, and that freedom is immensely satisfying. At the end of the process, you can step back and admire a homestead that’s everything you wanted it to be.
Of course, the homebuilding process is research-intensive and time-consuming. It’s a substantial investment not everyone can afford, and more than that, not everybody wants to build a homestead. Others in your position have seen the appeal in purchasing a property, which is a choice with its own advantages.
If you’re unsure whether to build or buy a homestead, that’s OK. Each option has positive and negative aspects, and what’s right for one person isn’t always right for another. It’s necessary to study all the details before you make your decision.
Building a Homestead
As you’re well aware, building a homestead is no small commitment. It’s far more involved than the projects you’ve likely managed in the past, demanding an extensive skill set, a flexible budget and a staggering amount of due diligence. Some homesteaders believe that construction is a bad idea.
However, it’s critical to remember that every situation is different. You might not share the circumstances of homesteaders with a buyer mindset, and you have to look at your own position. You’ll get a feel for whether or not to build a homestead when you answer the following questions:
- Do you have access to the time and money you’ll need to complete this type of build?
- Will you have a temporary shelter where you can stay throughout construction?
- Do you have a lot of other responsibilities that could take your attention away from the project?
- What’s the environmental impact of your build? Are you interested in stick-built or modular construction?
Buying a Homestead
Now that you understand some of the challenges of building a homestead, buying one may seem a bit more reasonable. You value your self-sufficient lifestyle, of course, but it’s important to acknowledge all your options. To that end, several rural properties can meet and exceed your expectations.
You won’t enjoy the same level of customization, but you won’t have to manage all the minutiae of the construction process either. It alleviates much of the stress that comes with research and planning. However, buying a homestead takes work as well, and you should give thought to these questions:
- Are you comfortable making a few concessions when you eventually settle on a homestead?
- Is the convenience of a quick move preferable with your current living situation?
- Are you working within the limitations of a strict budget and can’t afford a build?
- Do you have extra money to spend on repairs, remodeling, decorating and landscaping?
- Are you mostly flexible or inflexible with the features you want from your homestead?
You’ll gradually gain a better grasp of your choices as you examine the questions above. Whether you build or buy a homestead, it’s crucial to reiterate that everyone’s situation is different, and you’re not going to find a correct answer. That will differ depending on who you ask.
Build a New Homestead — or Buy?
Building a homestead may seem like an attractive prospect, but it has its drawbacks, as does buying one. Ultimately, you should evaluate the pros and cons of each possibility and determine the best course of action for your specific set of circumstances.
Regardless of your choice, you can feel secure knowing you’ve made an informed decision.