If being able to see inside your neighbor’s window doesn’t entice you, rural living might be a good choice. A rural home often provides many benefits you will not get in a suburban home. Of course, you must be comfortable living without neighbors and dealing with well water. For some people, though, the benefits of rural living far outweigh the unique aspects of it.
Land, Land and More Land
Perhaps the largest benefit of a rural home is the amount of land that often accompanies it. In the suburbs, you are lucky to have enough land to put a swingset and a small garden. In rural areas, however, you can plant enough produce to feed your entire family and still have room for your pets and kids to roam the yard. Of course, with a lot of land comes a lot of work, but if that is your thing, you should enjoy it! The amount of land you can purchase varies based on the area you choose – not every rural home has an abundance of land, but it is usually more than the suburbs offer.
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Ability to Expand Your Home
Again, on a suburban lot, you are pretty restricted when you want to expand your home. You may have room for a one-room expansion, but anything beyond that is likely out of the question. A rural home often has plenty of room for you to expand. If you need another wing to let mom and dad come live with you, it probably won’t be a problem. You will likely experience less red tape when you want to expand as well. The rules in the suburbs are often so restricted that homeowners cannot do anything to their home. They often must obtain approval from the city as well as their homeowner’s association. Rural areas often have fewer restrictions, if any due to the lack of neighbors! There are no associations to deal with and the county is often much less stringent with their requirements.
Let’s face it – living in the suburbs is not the healthiest thing for us. Between the noise and air pollution, we are all suffering from health issues as a result of our environment. Rural areas have less of both noise and air pollution. While it is true that rural homes must have adequate road access in order to secure any type of financing, there is likely much less road noise. You usually don’t have the constant traffic zooming by or the loud train horns heard from miles away. Less noise often means less stress and even better sleep, both of which can help you stay healthy.
Air pollution is another big issue with suburban living. You usually don’t have factories, office buildings, and a multitude of trucks polluting the air. This makes breathing easier for many people and results in fewer illnesses throughout your life. Of course, living in a rural home doesn’t guarantee you will be healthy, but it certainly helps the cause.
Cheaper Home Prices
It’s no secret that buying a home is expensive. Suburban home inventories are slowly dwindling, but the demand remains high. This means borrowers have to either pay more or rent. Those willing to head out to the rural areas, though, often have more to choose from and lower prices. There is not as high of a demand for a rural home, which means the prices remain low. This gives borrowers more buying power and the ability to secure the type of home they really want.
A benefit many people overlook when buying a rural home is the benefits of USDA financing. Do no down payment, low interest rates, and low closing costs sound good to you? If so, USDA financing is a great option. Keep in mind, you must qualify for this type of financing and it differs from any other program. USDA financing is meant for borrowers with low to moderate income. This means your total household income does not exceed 115% of the average income for the area. If you are unsure what this amount even is, check out the USDA eligibility map. This will give you an idea of how much you can make to qualify. The income they use for this calculation is the income from every adult living with you. However, you still must qualify for the loan with a low debt ratio with the income of just you and the co-borrower.
Real estate taxes seem to keep creeping up in suburban areas. In fact, taxes are often the reason people move out to a rural area, because they just get out of hand. Luckily, rural homes often have much lower taxes because of the fewer accommodations available to them. In exchange for the lower rates, you must drive further to run your daily errands and possibly even work. In other words, you must love driving in order to enjoy rural living.
Peace of Mind
Finally, a rural home often just gives you peace of mind. You don’t have neighbors breathing down your neck. You have the ability to decorate your yard as you prefer, making the most of what nature provides in a rural area. You have a quieter daily life and the ability to make the most of nature and your ability to create your own produce.
Of course, rural living comes with its downsides. Living with well and septic and power outages that last for days on end can be a sacrifice. Knowing full well what you get yourself into can help you best prepare for rural living. If you prefer lots of land and qualify for USDA financing, buying a rural home can really benefit you in the long run. It allows you to become a homeowner for very little money upfront and low costs throughout the life of the loan. Investing in a home suddenly becomes much easier when you can use the benefits of the USDA loan.