Tips for Buying a Farm
Farming is a quintessentially American thing to do, All totaled, the United States to about 2.2 million farms. For most farms, it is a family business and more than 96% are owned by families. Farming is done in every state in the country. Many people are choosing to leave city life behind and are buying farms to start a new kind of life for them and their family.
What kind of farmer do you want to be? If you are thinking about buying a farm, what kind of farm do you want to own? You need to decide what kind of farm you want to buy and what kind of crop you want to plant. You can either pick the purpose of your farm and move to the right location for that or pick the location and then make the crops be whatever fits the climate the best. Not every crop grows well in every part of the country. If you do not know how to care for the kinds of crops that work on your land, you can learn but it will take a substantial time investment.
What kind of area do you want to live on? You need to decide what amenities you need and what ones you like. This can narrow down your search for where you want to live. If you know you want to live close to grocery stores or sports centers, that will rule out some areas and rule in others. Maybe you need to live within driving distance of a Starbucks. If it is important to your life and happiness, you should make a point to find land that is close to the things you know you cannot live without.
What are your finances like? The first thing you will need to do is just like when you want to buy any property, you have to know the real state of your finances. You can get your own credit score done so you can see what lenders see when they look at you. Buying farmland is more complicated than buying residential property. When you buy one, you have to draw up a business plan for the farm. Do you expect to live off of the money from your farm? Are you planning to keep your current work and just farm as a hobby? These are things you need to consider when buying a farm. If you plan to make most of your living from your farming endeavors, you will have to plan your taxes accordingly. If you plan to live on your farm and just make farming your hobby or side income, you probably will want property that needs less work. Just have a clear idea about what you want to do with your farm before you look into buying one.
Think about your power and water needs. Unlike city or suburban property, you may have to do more to get power and water and other utilities out on your farm. Most people who live on farms get their water from the land they own and they have to drill wells on that property. Look into what you will have to do to make sure you have he lighting, heating and water you will want to be comfortable on your farm.
Some people think they want to buy a farm when they are really interested in buying a ranch. Ranches and farms are similar but not the same thing. A cattle ranch is meant for raising cows to be used as beef. Cattle farms raise cows to milk for dairy products. There are many ranches for sale around the country. Some cattle ranches are even really vacation spots for people who want to experience life on a cattle ranch and then go back to their regular lives. These guest ranches can be very popular for vacations.
The kinds of farms you can buy and run are as varied as your reasons for wanting to live on one. Maybe you grew up on a farm and want to raise your kids to appreciate life on one. Maybe you are just tired of city life. Either way, do your research and you should be able to find a farm that meets your needs.
