For many years, the farm has supplied and benefited those who needed it, including you. Now, the time has come, how will the farmland aid you in your dream retirement? Fortunately, your deeds will not go unnoticed – you deserve the best retirement you can get. The next step is to plan for it. Here are the top three ways to prepare your farm for the dream retirement.
GROW A RETIREMENT FUND WITH INVESTMENTS
The stock market can be complex but can benefit investors greatly in the long run. Simply buying a stock and selling it when it is most valuable is how many get rich. In some cases, stocks are like wine, they get better with age. A several year-old stock has a chance to single-handedly fund a good retirement with enough to travel and cross out a few list items from a bucket list. The only issue is that it is a risky strategy. While you can profit, there is no guarantee to the size of the profit and there is even a chance that a stock will decrease in value.
CONDUCT IN SHARE FARMING
When you own farmland, this option is a helpful way to help fund your retirement. In basic terms, you can lease a section of land to another farmer (lease agreement) to manage independently or enter a share farming arrangement. In a share farming arrangement, you as the farm owner with land and fixed equipment would enter into an agreement with another farmer who would generally supply labour and machinery. A popular model in the dairy industry, share farming involves varying levels of risk and profit for both the share farmer and the land owner.
Either way, you don't have to work, this is a window of opportunity to travel and explore the world. You can enjoy your hard-earnt time and the sake of your farmland will be in the hands of a trusted and hard-working farmer.
BUILD A MODULAR HOME
Building another home on your property is an investment, but it has plenty of benefits. The home itself is yours to own and can act as a vacation home for you allowing you to lease your farmhouse along with your land. That may seem a little anticlimactic, but it is an option. For something a little more advantageous, the home can act as a holiday home for someone else. Profit off of it by renting it on Airbnb and make money for every night someone stays there. This also provides a window of opportunity to travel, for someone is paying to stay at home while you are away. It is a win-win situation!
Considering a modular home? Contact us at Swanbuild to work with you to design the home for your retirement, or to help fund your retirement and make your retirement the best it can be!