Buying a home of your own is not just a big financial investment. It’s a personal one, too. That’s why choosing where you want to live should be something you have to think over.
Some people want to live in the city while others like to settle down in the countryside. These are just some of the deciding factors when you look for a home of your own to purchase.
If you’re thinking about living in rural areas, you should be ready to point out the ups and downs for you to know what to expect when buying a rural home.
There’s a lot of land to take advantage of
Suburban homes might come with a little area put up a small garden, a swing set, or a front porch but rural properties often come with a lot of land for the owner to use for different purposes.
You can start a small hobby farm or use it to build a bed and breakfast, hoping it will turn into profit in the future. The possibilities are endless.
Keep in mind that there’s a lot of work to do with an abundance of land. You have to invest in taking care of it depending on how you want to use it.
You can expand your home
Buying a rural home means you have the ability to expand your property in the future thanks to the abundance of land that comes with the property.
In the suburbs, expanding might be a little hard to do because of certain restrictions but rural homes often give you a chance to add an extra wing to either let your parents live with you or use it to however you want.
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Home prices come cheaper
Purchasing a home, in general, is not cheap. However, if you have to compare the price of a suburban home to a rural home, the difference can be significant.
Homes in the suburbs have a high demand which is why the prices are higher than homes in rural areas. Sometimes, there are more choices with rural homes compared to houses in the suburbs.
Flexible mortgage financing
Cheaper home prices aren’t the only thing that’s good about buying a rural home. Getting a mortgage is also easier thanks to USDA financing.
These loans can finance homes in rural areas with zero down payment, low One thing that you also need to prepare for are the different costs that come with home buying. Home buying costs are not just limited to the home’s sticker price or the mortgage payment.closing costs, and flexible guidelines.
However, keep in mind that USDA loans are meant for low- and moderate-income borrowers. It means that your household income should not go beyond 115 percent of the average income for the area.
Taxes are lower
If you don’t want to see big cuts from your income just for high real estate taxes, you should consider buying a rural home since they come with lower real estate tax rates.
Real estate taxes are often higher if you’re living in the city. Sometimes, people think about moving to the countryside because of that reason.
There are a lot of reasons why living in rural areas are generally healthier than living in the city. Pollution is rampant in cities and that could be a huge stressor in your daily life.
If you want some peace of mind and some quiet time, it’s hard not to find the idea of living in a rural home appealing.
Of course, buying a rural home also comes with a number of downsides and those are something you also need to take into account. In the end, finding a home to build your life in is entirely up to you.Buy a home with USDA financing.