Understanding Home Finances

« Back to Home

How To Find The Right Farm For Your Purposes

Posted on

A farm can be a wise financial investment, and living on a farm can be a great way of life since your work merges with your daily activities. Farming is much more than a simple 9-to-5 job. Life on a farm is rewarding in many ways, and it all starts with making the right farmland purchase. Here's how to decide on the right farm for you.

Know Your Purpose When Looking At Farms For Sale

If you want to buy farmland as an investment and lease it to a farmer, then you'll have a different objective when buying land than if you want to farm the land yourself. If you want to work the land yourself, then decide if you want land complete with a house and buildings. You can buy a farm cheaper if the land is all you buy, but you'll need a place to live nearby or have funds and a plan for making living quarters on the land.

Besides that, know what type of farming you want to do. If you plan to plant crops, you'll probably want land that's already been cleared and is suitable for planting because, otherwise, you'll have a long wait until you produce crops. If you want to raise cows, pigs, or goats, then acres of undeveloped land might be acceptable. However, you may want a farm that already has a pig barn or a storage barn in place so you have something to start with. When you know your purpose and have a plan for your farm, you can look at farms for sale with the ability to see how you can adapt them for your use if it's possible.

Decide Where You Want To Live

If you intend to make a living from your farm, then you won't have to worry about finding a dream job wherever you move. Your main focus can be on the land. One thing you'll discover when looking at farm real estate for sale is that the prices vary a lot by geographic location. The price of a tiny farm in one place might buy a farm with scores of acreage elsewhere. In addition to the price of the land, consider the local climate and how that would affect your farm. Plus, think about the city and nearby larger cities. If you want to make a living, you'll need to sell what your farm produces, and you may need to live close to a thriving market to do that.

Follow The Best Real Estate Transaction Practices

Farmers may be used to making deals with a handshake, but before you buy a farm, you should follow the best practices used when buying any type of real estate. That includes an inspection of the farmhouse, septic system, barns, and land. You'll want a survey to learn about the rights that come with the land, especially water rights, and any encumbrances. While you might have above average home repair skills as a farmer, you still don't want to waste your farm dollars on a money pit of a house.