Hope to hear some opinions.
Running 8 quarters just outside of regina. I bought it all using debt because I couldn't rent anything. The farm is just big enough to make my bank payment and live off. There is usually no extra for paying down the debt. I'm 46 and by my estimation, I will have this debt until I am 70.
Two of the last quarters I bought are further out and not together. They are a pain to farm as it means moving and crossing the busy highway but they have tripled in price since I bought them. I don't see them going a lot higher. If I sold these they would pretty much clear the debt on the rest, but then I would be farming 6 quarters debt free for the next so many years. I am loathe to give up land but the idea of getting out of debt and getting the bank off my back is appealing.
Downsizing to Clear Debt
Running 8 quarters just outside of regina. I bought it all using debt because I couldn't rent anything. The farm is just big enough to make my bank payment and live off. There is usually no extra for paying down the debt. I'm 46 and by my estimation, I will have this debt until I am 70.
Two of the last quarters I bought are further out and not together. They are a pain to farm as it means moving and crossing the busy highway but they have tripled in price since I bought them. I don't see them going a lot higher. If I sold these they would pretty much clear the debt on the rest, but then I would be farming 6 quarters debt free for the next so many years. I am loathe to give up land but the idea of getting out of debt and getting the bank off my back is appealing.
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