Depending on your location, income, credit score, and the real estate market in your area, consider renting, instead of buying, a farm. Renters don't pay property taxes or bear the burden of costly repairs. Before renting a farm house and farm, be sure you inspect the property and follow correct procedures to protect your interests.
- Skill level:
Things you need
- Local newspaper
- Rental agreement
- Renter's insurance
View local listings. Sort through the local rental property listings for the type of farm you want to rent. Farm and farm house rentals are listed in the classified section of your local newspaper or online at websites specialising in farm rentals.
Call the owner. Contact the property owner and gather as much information as possible about the farm during the conversation. Ask questions to determine if the property has the features you need. For example, a cattle farm requires more land than a horse farm. Make an appointment with the owner to view the property.
Inspect the farm. Explore the farm house and outbuildings and walk around the entire property. Because many farms have barns and fences that require maintenance, make sure everything is in good repair. Ask the owner what equipment is included in the rental. Also, ask the owner about his policy on repairs.
Study the lease. Obtain a copy of the rental agreement and carefully study the contract. Be certain you fully understand the terms of the rental agreement. If you are unclear about any portion of the document, ask an attorney to review the lease before you sign it.
Negotiate the terms. If there is anything you do not agree with, do not sign the contact. Negotiate any changes with the owner. When you and the owner reach an agreement, sign the lease. Each party should retain a copy of the contract.
Purchase renter’s insurance. Consult with your insurance agent about purchasing a renter's insurance policy to protect your personal belongings.
Tips and warnings
- Never make a deposit on property before you inspect it.
- Make sure all terms of an agreement are in writing.
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