What You Need To Know To Buy Land For Farming
Buying a piece of land for farming or a ranch can be a truly rewarding hobby or a lucrative business
. With rural living comes a peace and tranquility not offered by big cities plus cleaner air and living life with animals to care for. Yet there are always things you need to know before you set out. You should consider these below before you buy land.Buying land doesnt have to be tricky if you have the right people helping you every step of the way. For instance you will need people like a lawyer, real estate agent, broker etc. Buying a farm is quite different then buying a residential lot. This may seem obvious but have you considered what it means to purchase bulk acreage. Have you been to the land in person to make sure everything you need is actually there?
First, have all your financial ducks in a row, so to speak before you even begin looking to buy land. This will make it faster and easier to get the property you really want as soon as you see it since your money has already been sourced.
Secondly, you should choose an agent who has experience with selling farm land since there are many specifics involved in terms of paperwork and land requirements that everyone will need to be on the same page about. The USDA's website has all the documentation for many different types of land purchases.
Third, you should carefully examine the property, do not really on pictures or heresay. make sure yourself, that everything you want is there. Do you plan on planting crops? Do you know for sure your soil is good and fertile enough for planting? Does it have proper drainage and irrigation?. Is there room for large machinery should you need it?? Like a barn, shed or parking area?
Lastly, have you done your research on insurance? You will need to know your options here as well as find someone you trust to help you cover all your bases. You need to insure your crops, even if it seems expensive, it will still be the best decision you made in case of a natural disaster which wipes out your harvest such as a tornado or a flood. The government will not pay for your loss of crops, only a good insurance plan will save you in the case of disaster.
Being closer to the roots of life and having an intimate understanding about animals and crops can be extremely and deeply satisfying as long as you are well informed and plan to work hard to reap the benefits. Whichever type of farm you wish to buy whether it be hobby, or livelihood. Check into rates on your loans for farm and carefully choose a real estate agent who knows the ins and outs of purchasing farmland.
Copyright (c) 2012 Farm Credit Services of Mid-America
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