Buying A Farm? Take These 2 Steps Before You Finish The Sale
If you are buying a farm, this is a big investment for you. You need to take some steps before you finish the sale. This will ensure the farm will work out well for you and your family. To help you get started, below are two steps so you can get your new farm life started.
Purchase Farm Insurance
The most important thing you can do is purchase farm insurance and make sure you have everything covered.
There are different types of farm insurance available. One type covers all of the equipment that you own. This includes the tractor, combine, composter, pickup truck, and more. You may need the insurance because of damage from the weather, accidents on your farm--such as running into something--vandalism to equipment, etc. Make sure you choose a policy limit that will cover everything you have so you will not have a lot of out-of-pocket costs.
Another type of insurance is crop insurance. If you plant crops, such as corn, wheat, sorghum, etc., many things could easily wipe the crops out. For example, you may have a bad storm, such as high winds or a tornado, or you may have a flood. It would be expensive to repair everything and replant the crops. If it is in the middle of the season, the crops would not have time to regrow. Insurance can help you replace everything.
Talk with your insurance company, as there are other types of farm insurance you can purchase.
Check the Soil
If your main goal with your farm is to plant crops and the current farm has never been used for this purpose, you need to have the soil tested. You could do this on your own, but because your farm is so important to you, send the soil samples to your local extension office.
Gather up samples from different areas of the farm and put each sample into a separate container. Mark the container from where you got the sample from. When the extension office receives the samples, they will test each one to determine if the soil is healthy or if it needs nutrients or other help. If the soil does not have enough nutrients, such as nitrogen, potassium, and phosphorus, your crops would not grow well. The test will show the amounts of each nutrient, so you will know what you need to add.
Once you do these two things and ensure everything is in good condition, everything should go smoothly for you.