Now more than ever, Americans are learning about the benefits of living in a rural community. The COVID-19 emergency, in addition, has highlighted the fragility of our national systems of food production and distribution. As a result of these twin forces, increasing numbers of people today are looking into starting their own hobby farms.
This article will outline some major considerations to keep in mind when buying land for a hobby farm. We’ll also walk you through how to secure a loan for buying land to make the process easier and more affordable.
The Basics of Hobby Farming
A hobby farm, as the name suggests, is a farming operation that’s intended primarily for personal use rather than profit. In other words, hobby farms can be thought of more of as passion projects than as viable long-term business models.
Hobby farms vary widely in size and in terms of which crops and farm animals are raised on the property. Some are only large enough to include a few crops, while others are large enough for livestock to graze comfortably. As a general rule, though, hobby farms are smaller than fifty acres. Any operation that’s larger than that can safely be called a larger-scale farming operation.
Tips for Buying Land for a Hobby Farm
The first step to establishing your own hobby farm is to buy land where you’ll raise your crops or animals. This can be achieved in a variety of ways, but there are a few questions that you should ask yourself:
- How much space do you actually need? Again, the acreage of hobby farms vary widely depending on the needs and long-term goals of their owners. Your first step, therefore, should be to figure out what you’ll be raising and how much land you’ll actually need.
- Where do you want your hobby farm to be located? Would you prefer that your hobby farm be located close to a market or community? Or, alternatively, would you prefer your hobby farm to be more remote?
- How will you make sure that all of your water and irrigation needs are met? Every farmer – no matter the size or scale of their operation – depends upon a source of freshwater. It will be important, therefore, to ensure that your hobby farm has access to a reliable (and affordable) water source. In addition, you’ll need to carefully think through the technological logistics of how you’ll provide irrigated water on your farm.
Obtaining a Loan for Buying Land
Buying land for a hobby farm can be an expensive, complex, and time-consuming experience. Luckily, a loan for buying land can make the process of establishing your own hobby farm infinitely easier. There are dozens of loan options out there to accommodate the budget and business needs of any aspiring hobby farmer!
Start Searching for Loans for Buying Land Today
Interested in learning more about the benefits of loans for buying land or about the loan acquisition process? The expert lenders at MSF Agriculture are standing by to answer all of your questions. Contact our office today to start shopping for the loan option that will be right for you!