The ABCs of Getting a Mortgage Loan for First-Timers

Posted on: 8 March 2017

If you have decided to retire from your day job and purchase land to create a hobby farm, then there are many things that you need to take into consideration. Since hobby farming can be a lot of work and can come with a lot of extra costs, it is important that you purchase the right land and have realistic goals going into the project. To this end, here are some tips for making the best purchase:

Tip: Only Purchase the Acreage You Can Effectively Use

Since you will pay yearly real estate taxes on each acre of land you purchase for your hobby farm, it is vital that you only purchase the acreage that you can effectively utilize. For example, if you can only farm five acres, then purchasing ten will leave you with five acres that you have to control the weed growth on and pay taxes for every year. To keep your tax bills and extra farm chores to a minimum, buy only enough land to create the hobby farm you want without having excess wasted land.

Tip: Be Realistic About Your Physical Abilities and Time

When you start your hobby farm, it is important that you have enough time and energy to keep up with all of the tasks necessary to grow and harvest crops. While you may dream of a giant lavender farm, in reality, you may not be physically able to take care of a large-size farm, or you may not have enough working hours in the day to take care of all of its necessary tasks yourself. Before purchasing a large plot of land for your farm, first think long and hard about how much physical labor your body is capable of undertaking and how much of your time you plan to designate to your new endeavor. 

Tip: Understand That Hobby Farming Changes Your Vacation Schedule

Finally, if you are used to flying off to remote lands frequently for vacation, then you need to consider the idea that hobby farming will limit the time of year you will be able to travel. To use the example above of the lavender farm, each plant needs to be planted at a specific time of year. Once in the ground, the plants need regular watering and then harvesting during the couple of weeks that they are flowering. If you decided you wanted to go to Europe on vacation for a month, you would have to schedule your trip after the lavender harvest is over. 

If you're looking for farm land for sale, contact a company like Wellons Land and Timber Co. to learn more.