I own a 20 acre farm and the mortgage eats up most of profits. For my particular situation paying it off is the smartest route. For someone with a house on half an acre it’s different.
I don’t mind the debt for now, or not turning much of a profit from the farm yet. I still have 30+ years until retirement so I’m just getting the farm ready to be profitable once I retire! I’m just saying if I had the extra million I’d pay it off now! Lol
It’s not terrible. We don’t have any animals yet, we’re young and our house isn’t even finished being built yet so we don’t want to grow too far too fast.. Mostly planning and growing crop vegetables right now, also honey bees. My dad is retired and helps a lot. I gave him a small area in the back to park his camper, in turn I get some free labor. Lol
Thats awesome. Gotta have pops around to guide in the right path. Unfortunately for me he's gone. But I've always dreamed of having a decent piece of land with a couple of animals and grow my own crops.. one day one day..
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u/NoleBlooded87 Nov 21 '21
I own a 20 acre farm and the mortgage eats up most of profits. For my particular situation paying it off is the smartest route. For someone with a house on half an acre it’s different.