If you are in the business of producing or collecting hay, then it may be in your best interest to buy some amount of property that you can use as a hay farm. If so, then you should know how to pick the right hay farm property for sale in your area.
Size Requirements
One of the most important parts of buying property to develop a hay farm is to understand how many acres you need for your business. You will want to have an idea as to how much hay you are willing and able to produce, and work backward from that amount to decide how many acres you will need. You will need to figure out what possible hay yield you can have, given the area you will be farming in. You may also want to consider profit margins—smaller farms can function just fine, but it can be harder to make a profit without selling your hay at a higher price than your competitors.
Location
Another important aspect of buying hay farm property is the area that you will be growing your hay within. Southern states can typically yield more hay than northern ones, but southern states pose the risk of hurricanes and extreme heat. Meanwhile, northern states can sometimes suffer from tornados and extreme cold, including more recently, polar vortexes. Additionally, property is sold at different prices depending on the state due to supply and demand—you may find more acreage for the same amount of money in North Dakota versus Connecticut. You need to know what you're doing and find acreage that meets both your experience and your farming needs.
Taxes
Finally, when searching for hay farm property for sale in the acreage you want, you will want to consider the tax burden of your hay farming. This includes understanding what taxes you will be required to pay in the state and county that you choose to farm in, along with any tax rebates, abatements, credits, or anything that could reduce your tax burden. As a business owner, you will already be paying taxes on earned income as well as social security taxes, plus payroll taxes for any employees. As such, it's important to prepare for this expense. The state in which you choose to farm hay will have its own rules around how property taxes are determined, as well as any possible reductions in what you need to pay.
Property for hay farming will meet your needs more effectively when you understand your acreage needs, including size, yield, and taxes you are willing to pay. Always carefully review your options before making large purchases for your business.