Things to Consider Before Buying a Farm in Kelowna.
Buying a farm in Kelowna can be a big purchase that requires ongoing maintenance and effort. Determining whether or not you are ready for such a commitment is essential prior to writing an offer to purchase. Owning a farm can come with some extraordinary benefits. However, there can be just as many downsides, especially if you aren’t prepared. Before you make the decision to purchase a farm in Kelowna, you must decide if this is the right investment for you.
Follow along below to learn more about what to take into account prior to buying farmland.
Have you Taken the Time to Think About it?
Purchasing a farm should not be an impulse decision. In fact, if you’ve never worked on a farm before then it is best that you only make the purchase after ample time and consideration. You must look at all of the pros and cons when forming your decision. For example, the time commitment, financial risks, and the emotional and physical requirements. Furthermore, it is recommended that you don’t make the decision after a major life event. Purchasing a farm should be done with a clear and stable mindset. People who are interested in owning their own farm are encouraged to volunteer with other local farmers or organizations. Not only will you help the community, but you’ll also get firsthand experience of what it’s like to farm!
Does Owning a Farm in Kelowna Match Your Lifestyle?
Determining if a farm suits your lifestyle is vital. If this kind of commitment doesn’t match your lifestyle, you could end up putting it up for sale within a year. This is why you need to figure out if farming is right for you and your family. For those with school-aged children, owning a farm could mean a large hindrance to their social lives and/or education. However, others might see it as a benefit to their kids’ upbringing. Farming continues to be a great way to instill lessons of hard work, and perseverance. It’s also a great way to allow youngsters to explore and connect with nature, especially in our ever-expanding digital world. If you’re already a busy professional then you should also think about how owning a farm will interfere with your own social life and future plans. Depending on what type of crop or livestock you raise will dictate how much time you have between planting, growing, harvesting, and sales seasons.
Discovering if the pros outweigh the cons is necessary before purchasing a farm.
Are You Ready Financially?
Farmland does not come for a small price these days. Average farmland values increased by 18.1% in British Columbia in 2021. This followed an 8% increase in 2020 and a 5.4% increase in 2019. The potential for profit in the right hands can be a major factor in the high price of the land. Current farm owners know first-hand what the demand is like for good quality farmland. Those who choose to purchase a farm need to have the money to pay for their down payment and mortgage as well as a good credit score. Additionally, you will also need to think about other expenses that come with owning a farm.
Purchasing equipment, maintenance costs, and insurance are various expenses that can add up under farm ownership. Understanding the financial commitment to owning a farm is key to your success.
What Could You Do Instead of Owning a Farm in Kelowna?
Looking at alternatives can be helpful in order to make your decision. There are several other options available for buying a farm. Some of them might satiate your desire for owning farmland with less risk. For example, if it’s city life you’re looking to escape from, a rural property might be all you need. Or, if you would like to have a few crops and some animals, a small homestead might be a better fit. There are plenty of compromises to owning a full-scale farming operation that has less financial risk and a smaller time commitment. Finding an easier solution that lets you live out your dream could be more viable for your lifestyle.
Have you Considered the Responsibilities Involved?
Owning a farm comes with many responsibilities. Before you make the decision to purchase a farm it is important to get a better understanding of what these responsibilities might look like on a daily basis.
Some of the daily responsibilities may include:
- Weed control
- Managing livestock
- Maintaining crops
- Controlling pests
- Maintaining equipment and machinery
- Maintaining buildings
- Ensuring the security of the property
These are only a few of the many tasks a farmer must think about on a day-to-day basis. It is probable that you will need help from others. So, you will need to think about how many people are required in order to manage all of the work ahead. You may find it helpful to shadow another farm owner on their property to get a better understanding of how your lifestyle will need to adapt.
Contact Us About Owning a Farm in Kelowna!
Owning a farm in Kelowna is a big commitment with the potential for a satisfying career change. If you think that you’re ready for this kind of lifestyle change, contact us today. We’d be happy to help you find the perfect farm to call home in such an amazing area. Feel free to reach out with any questions or concerns that you may have about buying a farm property in Kelowna. Be sure to check out our social media for the latest updates and more. We look forward to hearing from you soon!