When you are considering buying a farm, it’s important to be prepared for some of the hidden challenges that will come up. A lot of things will seem self-evident but here are a few things to consider that may not be:
A good Real-Estate agent will save you time and money
Farm properties are a unique category of real-estate. There are many complex aspects to purchasing a farm that is not involved in the urban real-estate market. Make sure your agent is knowledgeable in farm and rural issues. Getting a good agent in the mix will save you both time and money when you buy a farm.
Infrastructure on Property
What sorts of buildings and improvements are on the property? How many of them are useful to you in your farm business plan? Is there infrastructure or buildings that can be adapted to your needs if they don’t already match them currently? If the farm comes with equipment or a stockpile of resources like hay or firewood you may be able to use them to increase your returns.
Tax status & zoning
What will your property taxes be? If the land is zoned as farming, you will have to keep it in production in order to keep the lower farm tax rate. If it’s not zoned for farming, you will have to inquire with the local zoning authority how to get the proper zoning approved.
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