I'm considering buying a small 21-acre farm. At present it's only being used for hay, but I hope to build a new home on it within the next 10-15 years and do "something" with it.
It currently has a barn (in good condition), and an abandoned 700 sq ft house that most likely needs to be removed. Here's the thing; I grew up on the ocean and don't know the first thing about farming. I also have limited time to spend on the land over the next 3-5 years. Does anyone have any experiences with this type of situation, or know of any resources I should be exploring?
It would be great if the land could be used in the interim in some manner. Maybe rent it out or some other situation?
Part of me thinks I should just wait until I have more time, but the location is ideal and small farmland this close to our town is quite scarce.
If it matters, we're in our late 30s and I would like to imagine this home as my place of retirement. We're also in the Midwest, about 5 minutes outside a small town with a major university. I wouldn't need to make money from the farm in order to remain financially secure. Also, the farm is only a mile from where I currently live, so I would be able to keep an eye on it until we build the house.