Farm Land

You’ve Received a Farm Land Inheritance, Now What?

In the United States alone, there were 2.02 million farms in 2020 producing crops, animal products, fruits and vegetables, and bee products. Working on a farm is not an easy task so if you’ve inherited a piece of land, it may be overwhelming at first.

Though inheriting farmland and property is an opportunity of a lifetime, not everyone has plans to live in the countryside and grow crops or have farm animals. If you’re not sure what to do with your inheritance, don’t rush to sell it just yet. It can be a very profitable source of income without you directly working the land. 

Read on to discover the best ideas on how to use your farm land inheritance and make the most of your situation.

Lease the Land to Farmers

One of the best things to do with your land is to lease it, either to farmers or businesses in need of large acreage. Leasing is a great option to help you cover your expenses for farm land inheritance tax. Before you lease, check the state land inheritance laws to ensure you can legally make money off the land.

Start a Non-Farming Business

If the farmland is close to a city, you can turn it into a money-making business. For example, you can build properties for rent, warehouses, event venues, sports playgrounds, biking courses, junkyards, and more. Depending on the state and county laws, you can start a profitable business in no time. 

Farm the Land

After inheriting farm land, you may decide to farm the land. This is a big step that’ll likely require your full-time presence, at least in the beginning. If you’re ready to change your lifestyle and aren’t afraid of hard work, farming the land can be very rewarding, both financially and personally.

Sell the Farmland

If you have no interest in farming and keeping the land is a financial burden for you, selling inherited land might be the best choice for you. Ask yourself: “how much is land worth in this area?” — then do research to get an estimate.

This is a good option if you need the money to invest in other things or properties and know you won’t use the farm land in the future. You can either sell it directly yourself or use a real estate broker to help speed up the selling process. 

Get a Partner 

If you’ve been wondering what to do with inherited farm land, maybe it’s time to get a helping hand in the form of a partner. Two heads think better than one and getting a partner can also help you financially. You can both work on ideas about the land, think of investment opportunities, and decide together what to do next.

Now You Know How To Best Use Your Farm Land Inheritance

Whether your farm land inheritance was expected or a complete surprise, knowing what to do next can be overwhelming. These tips will help you consider all your options and make the right decision for your circumstances.

Want more real estate and property tips? Check out the other articles we’ve written on these topics and stay tuned for more of the latest industry news and trends.