Homesteading ?

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  • diveRN

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    Jan 4, 2014
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    Since we're going to be buying a home in Texas within the next 90 to 120 days, I'm curious about how many of you have "homesteaded" your property and WHY you did it, if you can explain without going into too much detail about your personals. I've done some casual reading on the subject and have a rudimentary understanding of the pros and cons, but I'm curious about what the lay real estate/financially savvy folks who live in Texas actually think about it.

    Part of our long term strategy out here in California involves a little real estate and I need to see if what we're doing here will work with what we want to do out there once we move.

    Upsides? Downsides? Tax consequences? Know a good finance guy/gal in the Metroplex area? We already have a Realtor out there and she's been very responsive to questions, but she can't really advise. If you advise for a living, send me your contact info via PM.
     

    karlac

    Lately too damn busy to have Gone fishin' ...
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    There is no good reason not to apply for a Homestead Exemption on your primary residence in Texas, unless you just like to pay higher taxes based on the full appraised value. Check with the county appraisal district for the form.
     

    benenglish

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    "Homesteading" has several meanings. You might want to specify, especially if you're asking about it in the sense of "maintaining self-sufficiency", as it's often used these days.
     

    diveRN

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    "Homesteading" has several meanings. You might want to specify, especially if you're asking about it in the sense of "maintaining self-sufficiency", as it's often used these days.

    Interesting. Clearly, I have a lot more reading to do. Didn't realize there were that many distinctions.

    So as not to bias any replies, I'll hold off on posting my intent for now.
     

    Mexican_Hippie

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    Homesteading just lowers your taxes and provides protections under bankruptcy law. It's a simple form that everyone does on their primary residence.

    There's no requirement to actually live a self sustaining lifestyle, just fill out a form.
     
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