How to Buy a Hobby Farm: The Lending Process
Hobby farms are a great option for anyone looking to establish their own system of food production at minimal cost. Typically smaller than fifty acres, these plots of land are easy to maintain and can yield tremendous health benefits. And thankfully, there are tons of loan options out there which can make buying a hobby farm easier than ever.
Have you ever wondered how to get started in the hobby farm lending process? If so, this article is for you!
Where to Begin
Before we look at the lending process, let’s quickly walk through where you should start as an aspiring hobby farmer.
Here are four essential questions that you should ask yourself about where and how to establish your hobby farm:
- What size of a plot do I want?
- How important is it to me that I establish my farm in close proximity to a neighboring town or community?
- Am I looking to make a profit, or am I farming simply for my own pleasure?
- How will I provide my hobby farm with adequate amounts of water? Will I rely exclusively on traditional irrigation methods, or should I invest in more water-friendly technologies and practices?
How to Secure a Hobby Farm Loan
Once you’ve defined the goals for your hobby farm, the next step will be to start the lending process. Ideally, you’ll want to find a loan option that’s well-suited to your unique business goals, lifestyle, and budget.
To get started, you’ll need to contact a lender who will sit with you to understand your particular needs. In other words, the lender that you ultimately decide to work with should treat you as an individual. If the communication process feels at all impersonal or rushed, proceed with caution.
From there, it’s a fairly simple process of being paired with a loan and an interest rate you can afford. It’s crucial to work with a lender who will be able to realistically help you to look towards the future. In this way, you’ll be able to receive expert advice about how to best approach your payment plan.
Start the Hobby Farm Lending Process Today
At MSG Agriculture, we’re passionate about helping individuals and families to build the hobby farm of their dreams. To learn how we can get you started on an optimized hobby farm lending process, please contact our office today!