Re: Buying Farmground

Posted by Jonboy on September 14, 2004 at 07:54:48 from (165.121.146.220):

In Reply to: Buying Farmground posted by Allan in Ne on September 14, 2004 at 05:25:24:

Yep, it's a challenge to find land thats really affordable anymore. I'm a young guy thats just starting out, and I've gotta say that I really can't see myself owning a chunk of land like I'd like to for awhile. Developers have pushed the land prices through the roof everywhere, old farms are worth millions because of their potential to be subdivided into multiple building lots, which is getting done everywhere.
I have heard people talk that the big farmers are buying land with big loans from the banks which they will never see paid off in their lfetimes, but I cant help but think that maybe thats a smart idea because even if you don't get it paid off, you'd have use of it while your farming and when you go to sell it later on in your life when your done using it, it will have dramatically increased in value. Still, you'd have to have a tremendous stable cashflow to pay off the minumum payments on a big chunk of land, but theres a few people right in this area that do it. Take some of these farmers that buy 4-5 farms in just 4-5 years, expanding their daries and are managing it.
Another thing I see an awful lot is people buying land with timber on it, logging everything off, but saplings, then trying to sell it, land like that usually stays on the market the longest, but to me it's a real shame because then nobody can afford to buy that land for anything but development because there is no income potential off that land anymore, the logs are gone, and there is no sugarbush, no nothing except if you clearcut to have cropland, but there are restrictions on the size of clearcuts, which I believe is just 10 acres here, so take for example a 194 acre parcel that they did that to, whats the rest of it good for?, besides a tax burden for years and years.

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