There are a multitude of reasons to buy a farm property and many benefits to owning one. Some are simple benefits like having more space and enjoying more privacy. Some are more necessity such as being able to grow your own food. Others are financials such as getting specific subsidies or tax breaks for your farm. It’s really great to weigh the benefits of owning a farm when you are looking to buy a new home of property.
Wide Open Spaces
Feeling cramped? With the high speed world that we are living in now it is easy to start to feel claustrophobic. With more and more people flocking to suburbia and thousands of homes being built in close proximity it would be nice to get some space. This is one very good and simple benefit to buying a farm property. It might seem like a silly reason but for many it is a huge benefit for them to move out to the country and start a farm. Starting a family farm and giving your children the benefit of having some space to learn and grow without the stresses of the city is a huge benefit.
Grow Your Own
One enormous benefit to owning your own farm is that you can grow your own fruits and vegetables. With the prices of fresh produce going up constantly it is a great benefit financially. Organic or just pesticide-free vegetables are especially hard to find at a reasonable price. If you grow your own food you will know exactly what is on it and what it has been exposed to. You can also sell extra produce as a business to make money for your family. If you own your own farm it can be your primary source of income if you work it. You can grow produce or crops, or have a dairy, have herd animals to sell for meat, or breed specialty animals, even have a kennel, or rent your farm out for special events. There are so many ways that you can make money if you own a farm. The diversity of your options with a farm is a huge benefit.
If you own a farm it is important to look up if there are any tax breaks that apply to you. If you turn your farm into a LLC(Limited Liability Company) there are some tax benefits. All 50 states have better property tax rates on agricultural land. If you have a necessary expense for your farm you can deduct it. You can also deduct your worker wages. Also if you get a personal loan and use it for farm reasons you can deduct the interest. Also, the government will supply some subsidies for farm that grow certain crops such as corn or soy, or livestock such as cows. There are many more Tax breaks and subsidies, make sure you have a very well qualified person do your taxes!
There are so many reasons why one might want to own a farm and it is great that people can benefit from their farm investments. Make sure to research thoroughly pertaining to your specific type of farm what all the benefits might be for you! Make your dreams a reality and start experiencing the benefits of owning a farm for yourself!