If you have a history of farming and would like to purchase your own land to farm, you are about to embark on quite the endeavor. Buying farmland for sale is a lot different from buying a house or buying an open lot for development. To ensure the process goes as well as possible, follow these tips.
1. Give yourself time.
There are so many factors that go into good farmland. It needs to be well drained, fertile, in the right location, and so forth. Because you can't really compromise on any of these factors, it can take a while to find the right land. So make sure you allow yourself the time to do a proper search. If you set out to buy farm land with the intent of owning land in the next six months, you are probably setting yourself up to fail. Give yourself a few years — and if you find land sooner, you'll be pleasantly surprised.
2. Be realistic about your budget.
Farming is a less lucrative ambition as many assume. Even experienced farmers tend to over-estimate how much they'll make in the first few years with a new plot of land. Consider seeing a financial planner. They can give you a more realistic idea of how much you can afford to spend on the land. This way, you don't end up over your head in debt and bills you can't pay.
3. Talk to the neighbors.
Before you buy a plot of farm land, make sure you speak with the neighbors on either side of the property. You would not be the first one to buy fields, only for the neighbors to complain about the smelly fertilizer you use. If the neighbors are farmers themselves, you'll have an easier time. In either case, feel out how they feel about the land and its use so you don't run into trouble later on. Also, if the neighbors are particularly disagreeable, you may want to look for a different piece of property.
4. Work with a realtor.
You may think you'll save money by going it on your own. But the realtor fees are actually paid by the seller of the land — not the buyer. Thus, the help of a realtor is a free service you should take advantage of! They can help you find the right land and also negotiate the sale so you get a better deal.Share