Farming is a unique industry and therefore requires a specialized appraisal process. Typically in Alberta, the primary focus in determining a farm’s value is on the attributes of the land such as soil quality, cultivatable acres, access, easements, topography, and any oil & gas leases.
In addition to considering the value of the land itself, an appraiser may be asked to consider the value of crops, livestock, processing facilities and other buildings or structures that are included in the farm.
What Counts as a “Farm”?
There are many types of properties that can be included under a Farm Appraisal. These include, but are not limited to:
- Grain (Cereal) farms
- Dairy farms
- Beef farms
- Poultry farms
- Hog farms
- Hobby farms
- Vegetable / greenhouse farms
With so many varying factors it is easy to see that a Farm Appraisal quickly becomes a complicated matter. Each different type of farm will have a unique set of characteristics that add to its value, meaning that there is no stock Farm Appraisal.
When Do You Need a Farm Appraisal?
While a house valuation usually takes place when someone is buying or selling a home, there are many situations where someone would want to consider having their farm appraised. In addition to more obvious reasons such as selling the property or litigation, a Farm Appraisal can be useful when subdividing land, using the land as collateral for financing expansion of operations, during estate planning, or even when considering future uses for the land.
The team at Northern Lights Appraisals have years of experience conducting Farm Appraisals throughout rural Alberta. Very unique to Northern Lights Appraisals is our first-hand knowledge of farms gained through active management of family farming operations. We offer knowledge of the industry as well as the local area that will help provide you with an accurate and timely valuation. If you are interested in our Farm Appraisal services, contact our team today. We are happy to provide you with a no-obligation consultation and quote.