If buying farmland has been one of your goals for a long time, you might find yourself occasionally browsing through online listings of different farm properties for sale. When you're starting to get serious about this dream, it's time to hire a real estate expert who specializes in helping clients buy farmland. Because they are an expert, your agent will be able to not only find properties to suit your criteria, but they will also steer you away from any that could be risky. Provided that you're still in the searching phase, it's never too late to really reflect on the adventure you're embarking on and ensure that you're going about it the right way. Here are some valuable questions to ask yourself.
How Much Do You Expect To Make Through Farming?
It's one thing if you're looking for a small hobby farm to raise some horses, but if you're keen on building a farming business, you need to do a lot of research about the particular agricultural field you'll be stepping into. Whether you're seeking to raise cattle, grow crops or perform a combination of the two, you need to meet with industry veterans and experts -- as well as a farmland specialist at the bank -- to have a realistic idea of how much money you can expect to make in the first year and in subsequent years of farming.
Might It Be Better To Rent?
Many farmers choose to rent their land from other farmers, and this approach can reduce the risk of your farming business until you're established. While owning your own land has a nice ring to it, being a renter is less risky -- especially if you could be in for some challenges in the early years of growing your business. Many real estate agents will also help you find suitable land to rent, so all you'll have to do if you adjust your focus is let your agent know about your change in plans.
Are There Lots Of Other Farms In The Area?
While your real estate agent will help you get documentation about soil and water tests done on the land, it's beneficial to consider whether other people are farming in the area you're considering. If there are active farms on each side of the property you're interested in, the initial signs are pointing to the property in question being viable for farming. If the land is a considerable distance from any working farms, you need to make sure that the earth and the water are conducive to your intended use.
Once you've asked yourself these questions, you'll be prepared to look at farm land listings by Re/Max Blue Chip Realty and other similar companies.