Renting a Homestead
We’ll be the first to say that homesteading is a considerable commitment.
If only there were a way to test whether or not the homesteading life is right for you before sinking loads of time and money into it.
Well, it’s not too good to be true!
Renting homesteads has become more popular in today’s day and age and gives you the unique opportunity of testing out the homesteading/off-grid lifestyle before delving into it full force.
Keep reading to learn more about the pros and cons of renting versus buying a homestead, how to rent a homestead, and whether it may be the right option for you.
Why Rent a Homestead?
There are many reasons why people rent before they buy. For example, some people rent homes or apartments before they buy simply because they aren’t ready for the commitment.
From not needing to take responsibility for maintenance and property taxes to forgo the cost of a down payment, why wouldn’t you want to “try it before you buy it”?
Unlike a house, a homestead is a whole different beast. They typically involve many acres of land, livestock, gardens, and so much more. Jumping into all of these areas can be overwhelming.
If you decide to buy an already established homestead, you risk throwing your savings into something that may not be the best lifestyle or financial fit. On the other hand, you can build your own homestead from scratch, which may take years.
This is where renting a homestead can be a great option. Not only can you test the waters on an already established property, but you can also live there and get practice while you build your own homestead somewhere else.
After all, Rome wasn’t built in a day, and neither will your homestead!
There’s also the beauty of “renting to buy,” which will prevent you from needing to dish out loads of money upfront while still being able to opt-out if things go south.
Renting also allows you to check out different areas available for homesteading. If you’re looking to move away from your area and try out a completely new territory, you have the freedom to do that without needing to put your stake in the ground just yet.
Finally, another perk to renting a homestead is being able to connect with other like-minded homesteaders. Chances are, whoever is allowing you to rent their homestead knows a lot about homesteading, plus there may be other homesteaders in the area you can team up with to gain more knowledge.
This can make your transition to homestead living much less overwhelming and give you time to learn the tricks of the trade in a hands-on relational way.
In summary, the benefits of renting a homestead before buying are:
You have time to figure out whether the homesteading lifestyle is right for you
You don’t have to worry about property taxes
You can take time to prepare your homesteading budget
You can rent a homestead while building your own elsewhere
You can experiment homesteading in different areas
You can connect with other homesteaders and have them take you under their wing
Are There Downsides to Renting a Homestead?
We’ve touched on all of the benefits of renting a homestead, but it wouldn’t be fair if we didn’t discuss some of the potential downsides of renting a homestead.
If we’re honest, renting can have its cons. The number one reason being that it can cost you more money in the long run since you’re not investing or having any ownership.
In some cases, the rent payment for a property can cost more than a mortgage payment. Rent payments are never-ending and can increase over time, whereas mortgage payments are steady and eventually come to an end. You also won’t be able to receive the tax benefits many homeowners have access to.
With renting also comes limitations and rules, which could hinder your homesteading creativity. For example, when renting, you may unable to build permanent structures and make the place your own.
It’s also important to remember that just because you rent doesn’t mean you won’t have to maintain the property. If you’re building a homestead of your own while renting a homestead, the landlord may expect you to help keep up with the property, which can be a lot of work.
If you’re serious about owning a homestead and want to be independent, then renting a homestead may not be the best option for you.
In summary, the downsides to renting a homestead are:
You may end up paying more in the long run, which is not cost-efficient
You may have less freedom and independence to make the property your own
You may have to maintain the property, which can take up a lot of time and energy
You won’t reap the tax benefits of owning your own homestead
How to Rent a Homestead
If you’re serious about renting a homestead, you’ll first want to figure out where you’d like to rent. This could be anywhere from an urban, rural, or suburban area.
From here, you’ll want to research various online properties up for rent in said area. Some people may be leasing acres of land where you can establish an RV or tiny home. This is also an option to consider.
Finding the perfect homestead to rent isn’t always easy. Still, typically people who rent homesteads out to families understand the need you’re looking for and are willing to have meaningful dialogue with you before making a decision.
Would You Ever Rent a Homestead?
Now that you know how to rent a homestead and some of the benefits that come with it, would you ever consider renting a homestead?
Renting versus buying a homestead can be a tricky decision to make. We hope that weighing the pros and cons in light of your goals can help you decide whether or not renting or buying is the best option for you.
Ultimately, we hope both options encourage you to pursue your homesteading dreams! Want to dig deeper into the homesteading arena? Check out our article on The Best Homesteading Blogs.