Here at Hansen, we talk a lot about buying land and what a great investment Alberta farmland can be. However, buying land necessitates someone else selling it, and just as we have plenty of advice for buyers, there are some things you should consider before you sell.
Rent Instead of Sell.
Becoming an investor and renting out your land can be a very good financial decision for a retiring farmer. Poor economic times and the ever present challenges of farming means that some farmers don’t have a lot of savings. Their plan is to sell off their land and live the next 3 or more decades off the profit of this lucrative asset, and that’s not a terrible idea. Albertan land is very valuable and it’s worth a lot of money. However, it’s a good idea to also consider keeping your land and renting it to a younger farmer rather than simply selling it to them.
This consideration is due in part because land is such a great asset. Even here in Alberta, where economic troubles have raised instability, interest rates remain fairly low and land value continues to gain. Right now, many investors and young farmers want to get their hands on productive agriculture land, and that means many up and coming farmers will happily rent all or even just a portion of your property. This gives you some control over what happens to the farm you’ve worked on for decades, and it also provides you with a steady income to live off of into retirement.
As a land investor, farmers benefit from certain tax laws. So, when you’re ready to sell, there’s going to be a lot of very complicated and important paperwork you’ll need to work through. We suggest investing in a team of expert brokers who are familiar with the unique challenges of buying and selling farmland. We can help you navigate the paperwork and talk with the right people to secure the largest amount of profit.
It’s a Seller’s Market.
With so many buyers ready to purchase Alberta farmland, it’s really up to you whether your choose to sell or rent. Either way, you may benefit from discussing your options with the experts at Hansen Land Co. We’ll offer you years of experience and the advice you need to make the right decision for you and your family. Our team can help you with auctioning off your land and, if you’re interested in purchasing a smaller farm for retirement, we’ll research prospective parcels that will suit your needs as you age.
At Hansen Land Co., we have the pleasure of working with many retiring farmers. We know that retirement doesn’t mean you necessarily want to sell off your entire farm and move into town. Often, retiring farmers would prefer to find a smaller piece of land close to where their kids and grandkids live. Let the our professionals help you achieve your goals. Contact Hansen Land Co. today to learn more about buying or selling farmland.