3 Questions to Ask Before Investing in Farmland
Farmland Investment Questions To Ask Yourself
Sterling Land Company understands what goes into a successful land purchase and we have the experience needed to help you find the perfect farmland investment property. However, before investing in Ford County Illinois farm land for sale, we recommend that you ask yourself the following questions.
Where do you Want to Invest In Farmland?
You may or may not have a specific location in mind for your farm land property. A farmland broker can help focus your search, but it’s still important to ask the right questions about the location.
- Does the property have access to water? Are there any wells, lakes or ponds?
- Do you have needs when it comes to what is included on the property such as a barn, residential home, fences, or gates?
- How close is the property to highways? Is the property accessible for visitors? If you’re looking to sell your produce, are you close to a town?
Farms for sale in Ford County and other popular counties throughout the state of Illinois will have their own unique advantages and disadvantages. Understanding the characteristics of each particular region or individual property will allow you to make the best purchase possible. This is especially true when purchasing a property from out of the state or even out of the country.
Why Are You Investing In Farmland?
Before you make a purchase, you should have a solid investment or operational plan for the property. Are you going to farm the land yourself or hire someone to tend to the property, crops, and livestock? Do you plan to live on the property? If you plan to run the farm yourself, do you have a preference on the types of crops you will grow or the type of livestock you will raise on the farm?
Even if you strictly plan to use the purchase as an investment property, ensuring the land maintains and increases it’s value and generates annual returns, will be determined by the operation of the land. With that said, it’s crucial that you take the right steps to find someone to run and maintain your farmland.
You may also wish to purchase the land for recreational purposes, like hunting and fishing. If so, do you know the regulations in the county regarding both of those activities?
Knowing what you want before starting the purchasing process can help you quickly identify your needs and wants when looking for the right property.
What’s Your Budget?
Like with most purchases, having a set budget beforehand will help to make sure you stick to your price. It will also help you narrow down your farmland search. Look for properties that include almost everything you need, so there is no need to make any additional investments right away. Research properties in the area to get an idea of the typical price per acre. Meet with a farmland real estate broker and work with them to find a property within your budget.
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