Owning a hobby farm in rural BC can provide you with an exciting and challenging experience. While living in a rural area might seem more laid back, there are certain things you should keep in mind about moving to a hobby farm. Before you begin searching for hobby farms for sale in BC, keep the following information in mind.
Animals and Crops
When you move to a hobby farm, you can raise livestock, such as cattle, goats, and pigs, and grow different kinds of crops. Growing crops can provide you with your own food supplies, or you might choose to sell some of your crops. Animals on your farm can provide milk or help keep your land in good condition through grazing. If you’re going to be using your hobby farm to make some money, you’ll need to keep good records for tax purposes. You’ll also need to know the ins and outs of caring for livestock and growing crops, such as having the right equipment on hand.
Not all farmland is created equal. You should find a piece of land that is in good condition for farm use, so that you won’t have to put in a lot of time and effort to fix it up before growing crops or raising livestock. You can purchase farmland that has already been in use and has been properly cared for. If you want to start your own hobby farm, the land you buy might take a bit of work to get in shape for farm use. You might have an easier time finding good quality farmland in rural areas of BC, although some areas closer to cities and towns might also be suitable for farming.
Hobby Farm Costs
When purchasing a hobby farm, the cost of the land itself isn’t all you’ll be paying. You’ll also need to cover the costs of buying farm equipment and machinery to keep your farm in good condition. You’ll need to pay for veterinary care for your farm animals as well. You should make a list of expenses that are part of owning and running a hobby farm so that you’ll know how much money you’ll need in addition to the cost of buying land.
Hobby Farms vs. Commercial Farms in BC
Hobby farms are generally not considered farms that produce income, although limited amounts of income are allowed under BC tax laws. If you make over a certain amount, your farm might be classified as a commercial farm instead, which is subject to different tax laws. You should become familiar with the way the BC government classifies farmland so that you’ll know what your limits are in terms of income generated from your farm.
Contact Us About Hobby Farms for Sale in BC
If you’re looking into purchasing a hobby farm in BC, please contact Cascadia Pacific Realty. Our experienced real estate agents can assist you in finding the right property to suit your needs.