Do you dream of being able to live a more self-reliant, sustainable life? If so, you may be thinking about taking advantage of Indiana’s large rural areas to purchase you very own homestead.
For those who are not familiar with homesteading, a homestead consists of a property where you live and carry out self-sufficient activities such as farming, gardening, or raising livestock.
Moving into a homestead can be rewarding, but this life is more challenging than a lot of would-be homesteaders realize. Let’s go over some of the opportunities and challenges that come with homesteading. We will start by exploring the upsides.
Opportunities of Living on a Homestead in Indiana
- Reduce food costs: If you grow some of your own food on your homestead, you can reduce the amount you have to spend buying groceries. This can increase your financial and food security.
- Tax breaks: You might qualify for the Indiana Homestead Exemption. This is a deduction you can take from your assessed property value on your property taxes. Learn how the exemption works. We can also explain more about the exemption if you have questions.
- Buy a home with a USDA rural housing loan. This is a government-backed mortgage type that has zero down payment requirement, as well as other benefits for affordability. During your consultation, we can tell you if you qualify for a USDA home loan in Indiana.
- Run a business: You may be able to supplement your income by selling some of the food you raise at your homestead.
- Room for more people: Homesteads tend to be spacious enough that they could potentially accommodate a larger family, multiple generations, a tenant, etc. Just make sure to check the zoning restrictions before you proceed.
- Sustainable practices: If living sustainably is important to you, you can use sustainable, eco-friendly practices on your homestead. For example, you can grow organically.
- Healthy living: Living in a rural area is often a healthier choice than living in a more urban setting. You get fresh, clean air. You also may have less stress, since you will not spend all your time stuck in traffic jams and crowds.
- Enjoy nature: One of the joys of homesteading is that you may have acres of beautiful Midwest land surrounding you, with big skies overhead.
Challenges of Living on a Homestead in Indiana
- Time and effort: It is easy to underestimate the amount of time and energy you will have to put into living on a homestead. Along with having to maintain your house and land, you also will need to take care of any crops or livestock you have. If you are in a fairly remote area, you may have to drive farther to get supplies. If you have another job, you will need to be able to juggle both. You also may face a long commute, or have to work remotely.
- Physically demanding: Some fairly backbreaking labor can be involved in running a homestead. Not everyone is up for that type of work. In particular, it may not be all that disability-friendly, but it depends on your situation. It is a good idea to talk to some people who already have the lifestyle to get an idea what you can expect your day to day chores to entail.
- Setup costs: Along with needing to purchase the land, you might need to do some additional steps to prepare it. In some cases, you might be laying a foundation and building a home. You could be digging a well or bringing in utilities. All of these require time and expense.
- Lots to learn: You may not have all the skills you need to operate a homestead in the beginning. Learning can be fun and rewarding, but it also is another barrier you need to overcome. Some of the lessons could be expensive.
- Vulnerabilities: When you are growing crops or taking care of livestock, they are vulnerable to the elements. The Midwest can get some crazy weather, as you no doubt know. Pests and blight are possible too.
Whether homestead living is right for you depends on your abilities, resources, and how motivated you are. For some people, it may not be the right path. But for others, it can be one of the most rewarding ways to live. And since Indiana has so much wide open space and fertile soil, it is perfect for homesteaders.
Buy Your Homestead in Indiana
Grandview Lending, Inc is based in Indianapolis. We can help you purchase a homestead anywhere in Indiana with a USDA loan or another type of suitable home loan. To get started, please give us a call at (317) 255-0062 to schedule your mortgage consultation.
