Buying a farm is a dream come true for many Americans, but plan ahead and be prepared if you want to maintain a long-term, prosperous farm.

Here are five essential things to do before you buy a farm.

Step 1. Find Out How the Land May Be Used

The first step is to determine how your farm land may be used. The county has specified this through their zoning designations for your property and it will define agriculture/livestock use, etc. This info can be found on many .gov county websites and/or you can contact the county’s zoning or land use services department.

Step 2. Learn About Farm Taxes

This is one step you don’t want to forget. There are a lot of advantages when it comes to owning a farm, and you’ll want to find out what tax breaks your potential new property is eligible for.

Step 3. Pinpoint a Water Source

When it comes to owning a farm, water is a high priority. If you plan on raising livestock, growing crops, or residing on your new farm, you need to know what your water source is and how to set it up. Check out our article on how to install a water well if you need some starting points.

Step 4. Gather Farm History

Talk to neighbors to find out what the farm was used for. Knowing a general history can point you in the right direction when it comes to running your farm.

Step 5. Look at Your Finances

Buying and owning a farm can be a thoroughly rewarding experience, but look at your budget realistically before taking the leap. Look at how much money you’ll need to invest up front and on an ongoing basis to help decide how your funds will be allocated.

Have you taken the dive and purchased your own farm land? Let us know about your experiences in the comments below, or on our social channels!

Also, check out our top 5 Farming Trends of 2014 and our full list of properties available across the U.S.

Photo Credits: flickr | caribb