Maybe you love having constant access to fresh produce from your own backyard, or perhaps you've envisioned living on an expansive property teeming with an assortment of farm animals. If so, a mini-farm may be right for you. A mini-farm is a small farm typically used by the owner as a hobby, to become more self-sufficient, or to generate a small source of additional income. When purchasing land for your mini-farm, here are a few guidelines to follow to ensure you get a parcel that suits your needs.
1. Decide What Kind of Farm You Want to Have
To make sure you buy land that's right for your farming needs, you first need to decide what kind of farming you want to do. Do you want to focus mainly on raising animals, and if so, do you prefer a variety of animals or single species (like chickens)? Or, maybe you want to have gardens filled with fruits and vegetables. You may want fields for growing and space for animals.
Identifying your needs at the beginning of the buying process will help you locate and evaluate prospective properties. You can also check that local regulations won't interfere with your plans for the farm.
For example, assume that you decide you want to focus on raising animals. You will likely prefer land parcels with no usage restrictions that already some type of animal-proof fencing and a barn or two. This will decrease the amount of money you have to spend prepping the property, and it enables you to begin your farming operations as quickly as possible.
2. Figure Out How Far You're Willing to Drive into Town
Most pieces of farmland are outside of major towns and cities. One thing to consider is exactly how far from town you're willing to be.
You'll likely need to commute daily to your job, and you might also have children who have to attend school; this is in addition to your weekly errands and regular medical appointments. Once you know how much time you're willing to spend commuting each day, you can narrow your land options down to properties in your specified range.
3. See If You Need a Farm Loan to Purchase Potential Properties
You should consult with your mortgage lender to determine if you can purchase your future mini-farm using a conventional mortgage or if you need to look into financing specifically for farms. The type of loan that you need to use will likely be dictated by your exact plans for the land, the size of the parcel, and whether you'll need additional funds to assist with establishing your mini-farm.
For more information, reach out to companies like Buy Sell Your Ohio Home Group.