Pros and Cons of Homesteading
What are the benefits of living in Homestead?
The benefits of homesteading are manifold. The Homestead Act provides a homestead exemption, which allows property owners to protect the value of their primary residence from property taxes and creditors. This act extends to life tragedies, protecting the surviving spouse when one of the homeowners passes away. With this property-tax exemption, the homeowner can shield a part of their residence’s value from property taxes. It is usually the case that the first $25,000 to $75,000 of a home’s estimated value is exempt from property taxes.
- So, if you obtain a $50,000 homesteading exemption, you will be liable to pay the remaining residence assessed value. This way, your main asset as a homesteader, your property, will be taxed at a lower rate.
- The second pro is that you get to reside in a tranquil place if you live in a rural area. Homesteads are generally separate from the hustle and bustle of modern society. As a result, they are wonderful places for people who want to retire or even raise a family.
- This adds to a sense of well-being and privacy you don’t get in large cities or towns.
- The third pro is no matter if you live rural, suburban, or urban area you are providing fresh, clean, and good quality food for your family.
The purpose of a homestead is to live a self-sufficient lifestyle.
- You will be able to start supplying yourself with a vast array of home-produced items, from food to natural hygiene products.
- You can earn a reasonable living from homesteading alone, which is a great investment for those interested.
- You can save a lot of money, as your trips to the grocery store could no longer be required.
- Other bills you would be responsible for paying in an urban dwelling, such as water and electricity, can become obsolete if you arrange ways of acquiring these necessities through less costly means, like gathering rainwater and utilizing solar panels.
Disadvantages of homesteading
There are benefits to working on a homestead but also drawbacks to consider.
- The first is the smell.
- You will be surrounded by livestock, other animals, and manure if you opt for a homestead in a rural area, and this will impact whether you enjoy your lifestyle or not. This may be part of the package, but it may be a complete deal breaker to others.
- However, this issue can be solved if you are willing to make an exception and invest in some diffusers for your home that may help with the smell. This may not be an issue if you are doing a homestead in an urban setting.
- Your land plot will probably be much smaller, resulting in the ability to only raise chickens. The biggest drawback in this scenario will be a decrease in space if you opt for a backyard homestead.
- Your garden and chickens will require a significant area to function, using up all the space that may have been available.
- Again, some people could be indifferent to this, while others could consider it a con, so be mindful of your personal needs in this case.
- The second disadvantage has to do with connectivity to the outer world.
- This may be the reason why some people want to have a homestead in the first place because it allows them to live a more peaceful and secluded life; however, you will be cut off from immediate access to several things like instant medical care and even shopping.
- Moreover, there may be issues with signal and connectivity, so you might not be as connected via the internet or your phone, which could be an issue.
- Urban living probably won’t experience this, as they are not subject to the same disconnecting effect as their rural counterparts.
- Urban homesteading allows you to bring self-sufficiency to the comfort of your home while still enjoying the conveniences and comforting aspects of city life.
Finally, a homestead requires a lot of work | What do homesteaders do all day?
It is a lifestyle commitment and will take up huge chunks of your day if you have opted for a larger piece of land. Moreover, residing in a larger homestead will demand more hands for labor and is more suitable for a larger family, as they will be able to handle the shared responsibility of managing the chores to keep their homestead functional and thriving.
Some people think of a homestead, and the image of an quiet setting surrounded by produce producing gardens, livestock and the open blue sky comes to mind, yet the creation and maintenance of these conditions require real human effort. If you have a smaller homestead, you may be able to manage the homestead independently.
Although less difficult than a larger land plot, it is still a major responsibility. No matter how large or small your homestead is, its creation and success will require planning to the level of detail, perseverance, and a positive outlook when things don’t necessarily go your way.
Therefore it’s important to take a close personal look at who you are, as this will help you determine whether you are suited for homestead living. Ultimately, the desire to start one must come from a profound place, such as a deep longing or financial need, as your ‘why’ will sustain you through any ‘how’ required to keep your homestead up and running.