Some people are buying ranches just to relax and get away from the city. Others buy a ranch to retire to the country. If you are buying a ranch to turn it into a family business, then there are some considerations you need to make. Even if you have lived on a ranch before, making a successful family business in a rural location needs planning.
Here are some tips on buying the right ranch for your family business.
Research Each Property Carefully
Just like if you were buying a house, check out several properties in the area in which you want to buy. Narrow down the area that will work best for the type of ranch you want. Check out the size of each property and what it is zoned for. Is there existing infrastructure such as a house and outbuildings?
Consider what the land elevations are in that area, this can affect your growing season and the type of livestock you could have there. Also, check what the seasonal temperatures are. Look at how far you would have to go to get your product to market and what the road access is like.
What Type Of Business Do You Want?
Owning a ranch could open you up to a lot of different possibilities for a family business. It's not just farming you could have here. If it is farming, check out the soil quality and what water rights are included in the property. You will need access to water for irrigation. You will also need access to water should you want to raise livestock.
If you want a cattle ranch, you need to know how many animals can be raised at any given property. Find out where you can buy animals. Also, what licenses or certifications do you need for each type of livestock you want to raise.
However, you might want a different type of business on your ranch. For example, do you want to open up the property for fishing? You will have to check that your property has live water and that the water rights are owned by the ranch's owner. You will need to check out the water quality, instream flows, and seasonal water temperatures to support the fish.
Or perhaps you want to open a ranch in which hunting is allowed. In this case, you will need to check the ranch for the wildlife populations and regulations for hunting certain animals in that area. You will have to arrange for hunting licenses with your state. You must find out if you alone are allowed to hunt on your property or if you can open it up for a business.
For more information about ranch properties, contact a real estate agent.