How to Purchase a Hobby Farm
Living on a Hobby Farm has been the dream to many. Finding that little place of rural paradise is much different than house shopping in the suburbs. If you know you want space to pursue your hobby, and are willing to do the work to obtain it, living on a hobby farm can be quite rewarding.
Instructions
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Decide exactly what you want. This sounds easy, but often times the more you think about it, the more you realize you'll need or want. What hobby are you pursuing? That will depend on the amount of space and type of space you need. Also, make sure these decisions are made with your spouse, partner, or anyone else who will be going at this venture with you.
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Contact a Realtor. Once you know the area you want, contact a local Realtor who specializes in that area. Hobby farms are typically not as common on the market as other properties, so it may take time. It will also take someone in the area to know the minute these properties hit the market.
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Talk to a lender (if not paying cash). Make sure you specify what you are purchasing. You will most likely need to find a special lender for this type of property. Your Realtor may be able to assist you in this.
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Go house hunting. This is the fun part, and the exhausting part. Be prepared to make compromises. Determine what, if any, outbuildings you will need. You can always add outbuildings if the space is there, but be sure to consider the cost of that.
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Have a home inspection. Have the home inspected by a licensed home inspector. This is great advice for ANYONE buying a home. A home inspector is trained in what to look for, and it can be a great educational tool for you to learn the inner workings of the home.
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Make an offer. Time to negotiate. Your Realtor will help you with this by finding comparable sales for similar hobby farms in the area. Be prepared, each property is different in rural areas. It is not as easy to find comparables out of the urban and suburban areas.
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Contact your insurance agent. Once you have an offer accepted, you will need special insurance for your property. Call around and get some quotes for insurance. You will need to explain what type of property it is, if there are any outbuildings, and how many acres.
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Move in and enjoy. Now is the time to live out your dream. Give it your all!
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Tips & Warnings
Be flexible when looking at property.
Have the home inspected.
Be prepared to have to make some adjustments to the property/land.
- Photo Credit Jennifer Metz
