Are you considering moving away from the city to farm or raise livestock in a non-urban area? Farming is one of the most lucrative professions in Australia and buying farmland is an excellent long-term investment. Buying non-urban property like farmland is much less competitive than buying a house in a city or the suburbs. However, that doesn’t mean the process is easy. In fact, farmland is much more expensive and is subject to many more rules than residential property. Therefore, if you are thinking about purchasing farmland, here are important facts to know about in advance:
Have a Realistic Understanding of Your Farming Knowledge
It may sound quite romantic to buy an idyllic farm away from the concrete jungle, but the reality of farming is quite different. Therefore, if you are buying farmland, make sure you know what you are getting into. How much do you know about farming? Do you understand the costs, labour, and effort that goes into becoming a farmer? Thoroughly research the subject in advance before you go on to purchase a farm. Your investment would go to waste if you don’t actually know how to farm.
Work with the Specialists
There’s little point in working with regular realtors when you are on the lookout to farm or non-urban land. You will need to find a great rural property agent who knows a lot about farm and isolated land in any given local area. Unlike the home sellers, these specialists are highly knowledgeable about what type of areas are suited for farming. Keep in mind that locating farmland can be a challenge. There are many restrictions with regards to conservation and heritage sites that you will have to watch out for. Therefore, work with knowledgeable experts to purchase the best land.
Assess the Land
There are several important aspects to consider when buying land for farming. First aspects to consider are the size of the land and soil type. The type of crops you want to grow would depend on the soil type of the land. The land should be big enough as well to get the yields you desire. Other considerations should include the formation of the land, such as whether there are slopes or frost issues. The location also matters because of the land is too isolated, it might be cut off from essential transportation networks. Carefully think about all these before settling on a locality. You should commission your own soil type test instead of relying on what the others provide.
Hire a Farm Consultant
Get a farm manager or a consultant to do inspects of the land when you make the round. This is highly recommended for new buyers who haven’t farmed before. The consultants will be able to spot problems with land such as erosion, possible contamination, and other degradation issues. Degradation doesn’t make farmland unviable, but would result in costly repairs.
The farmland could end up being great, but what about the farmhouse? This would be your main residence when you live on the property. Therefore, make sure the farmhouse is liveable and is up to your standard. Dome new buyers make the mistake of valuing the land based on only the farming area. But keep in mind that the farmhouse is an extremely valuable aspect of the purchase as well.