You’ve always dreamed of owning a farm and now you’re ready to make your move. But how large or small should your property be? Where do you go to qualify for a loan? And what should you look for when identifying a viable piece of land? Consider these three things.
The Livestock You Intend to Raise
While you may have a general idea about the amount of acreage you want in a farm, knowing the species of cattle you plan to raise can help determine just how much space you will need to sustain them and your bottom line. So know exactly what animals you want to raise before you begin your hunt. And, as a new farmer, avoid starting out with too many types of livestock. You may eventually wish you had begun with a smaller scope.
A Farm Credit Preapproval
Before you start shopping for a property it’s always best to know what you can afford, so get a Farm Credit preapproval. This can save you wasted effort and disappointment if you fall in love with a picturesque property with the perfect amount of acreage only to find that you simply cannot afford it. Besides, sellers will take you more seriously if you have a preapproval letter, and it may help give you an edge over other potential buyers.
Resources of the Land
There are lots of factors that you should consider when determining if a property is suitable for your farm operation, so always remember to do your due diligence. Things like soil health and fertility, forages, open pasture and wooded acreage, water and irrigation, road access, fencing, housing, buildable sites, and places for mobile housing should all be taken into account before you sign on the dotted line.
Are You Buying a Home or Land for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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