Buying farmland is a significant commitment that requires careful planning and research. Below are essential considerations to keep in mind before making your investment.
Prepare and Plan
- Build a relationship with your lender. Getting pre-approved for a loan in advance will help you understand how much you can afford and the required down payment.
- Understand land types. The type of land you purchase, whether tillable or recreational, impacts down payment requirements.
- Secure financing early. Having your financial details in order before finding the right property ensures a smoother transaction.
Due Diligence Before Buying Farmland
- Check land enrollment in USDA programs. Contact the local USDA Farm Service Agency to learn about any programs affecting the land’s productivity.
- Review soil test results. Understanding soil composition helps assess nutrient levels and necessary improvements that could impact the land’s value.
- Evaluate drainage conditions. Consult your local county surveyor to determine if drainage systems are in place, if ponding exists, and whether tiling is necessary to enhance productivity. Historical aerial views from the USDA office can provide insight into drainage issues.
- Identify reclaimable land. Determine if any land can be reclaimed for production and assess the costs involved.
Why Work with a REALTOR® When Buying Farmland
- Work with a farmland real estate specialist. A knowledgeable REALTOR® can help locate, evaluate, and negotiate farmland transactions.
- Receive expert guidance. They assist with due diligence, offer negotiations, inspections, title work, surveys, and closing documents.
- Ensure a seamless process. A REALTOR® helps you navigate every step, ensuring a timely and stress-free closing.
Why Choose Lisa as Your Farmland Real Estate Professional?
Looking for expert guidance in buying farmland? Learn more about Why Lisa for Your Farm Real Estate Needs and why she is the best choice to help you locate the perfect property for your next farm!