A homestead is often the last say in the argument for true self-sufficiency in the modern age. All needs are ideally met with livestock, natural resources and structures. Agriculture is paramont if the livestock and the inhabitants of the homestead are to prosper. Secondary cottage industries like crafting, smithing and carpentary can become realized also.
The options for a homestead are legion. Buying a homestead lock, stock and barrel is the quickest and easiest option if you have the finances. Buying an undeveloped plot of land from scratch and taming the wilderness to your own hand is the longest, but most satisfying. Somewhere in the middle is buying a partial development but this is usually much more expensive than what you'd pay for an undeveloped area from a realtor.
Contrary to the sterotype a homestead does not have to be all on its lonesome in the high plains. Some are in forests, mountains and by rivers. Most will have a chunk of land too which is also essential if you are raising livestock.
The homestead is an excellent place to raise a family and is future proof for any couple wanting to get away from it all. Full-timing a homestead is not easy. Unless you have a large financial reserve one of the family will have to work while the other toils at building the homestead.
Retirement couples may be able to work on a homestead full-time with no distractions or work requirements. A good standard of fitness is important, as is being careful. It's very easy to make mistakes, especially if you have no experience in construction.
Sanitation is important also and depending on the strictness of the building-codes you may have to have a septic-tank installed. Depending on the state, county and if it is incorporated can influence the level of restrictions. Certain state authorities claim ownership of rainwater which can mean collecting the rain for water storage may be breaking state law.
For the survivalist-minded and protective-preppers, The Final stage of a Bug Out Location for maximum survivability is a Fortified Homestead.