3 Things You Need To Understand Before Purchasing Farmland

Real Estate Blog

Owning a farm is one of the oldest versions of the American dream. If you want to own a farm, grow your own food, and make money selling food, buying a farm is the way to the American dream. Before purchasing a farm, you need to really understand how you can use the farm and what you can do with it.

#1 Find Out About Water Rights

You can't just turn on your well and water your entire farm. If you are purchasing a sizable farm, you need to make sure your farm comes with water right. When watering such a big area, you need access to irrigation water. Be sure to investigate all the water rights and figure out where the water is coming from right now for the farm and make sure the water rights will be transferred with the purchase. You don't want to purchase a farm only to realize that you don't have access to the water you need to be successful.

#2 Find Out How The Land Is Classified

Next, you need to find out how the land is classified. The land usage rights matter when you are running a farm. Is the land classified for residential use only? If so, you may not be able to get insurance or financing for anything more than a home-based garden or farm. The zoning of the land impacts the insurance you can get, the loans you can get, and the federal farming programs you can participate in.

You want to look for a home that is designed for agricultural use or that is designed for mixed usage so you can have both agricultural usage and homes on the same lot.

#3 The Type Of Land

If you are buying a large piece of property, spend time on the ground walking around the entire property. You need to check on the type of land that is throughout the property and make sure the type of land fits your needs. The land may be being sold as a farm, but what does that mean? Is there an area for planting plants? Is there an orchard? Is there grazing land? Is a lot of the area dense woods? Make sure you understand what kind of land you are buying and how you can use that land.

Before you purchase farmland, make sure you fully understand how the land is classified, the type of land on the property and how you can use it, as well as the water rights. You need to make sure the land fits your vision of a farm before you purchase it.

Speak to a real estate about farm properties for sale to learn more.

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29 March 2019

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