Buying a farm can be one of the most rewarding investments you make. Not only does owning land give you a place to hunt, fish, and enjoy the outdoors, but it could also revitalize rural communities and support our nation’s agricultural infrastructure.
That said, there are many considerations when purchasing property as a farm — from choosing how much land to buy, consulting with your lender about financing options, and evaluating environmental factors like soil quality. Even though buying farm land can seem daunting at first glance, there is not only an abundance of information available online about doing so safely and securely financially, but there are also some things you can do to make your purchases as cost-effective and profitable as possible.
Here are 6 tips for buying farm land:
1. Get a Good Assessment of Your Farm’s Value
There are many factors that contribute to the value of land. Some, like size and location, can be obvious or readily determined by looking at the map or going for a drive; others, like soil quality and the presence of nearby water, require more in-depth evaluation before you can predict their value.
2. Take an Inventory of the Existing Farm
You will need to know what you are buying, so it’s important to take detailed inventories of the property you wish to buy, including an inspection checklist. This will help you determine whether there are any issues that would prevent you from starting a new farm, such as a potential environmental hazard.
3. Know What You’re Buying
The type and quality of land matters — certain types of soil lend themselves better than others for agriculture and reforestation. Other types of land are more suitable for residential development, or may have environmental problems that could keep you from using the land as a farm.
4. Understand Your Options When Buying Farm Land
There are a variety of different to look for farm land for sale near me, each with its own advantages and disadvantages:
