I found an ideal horse property the other day but someone brought up a financial… Question…
The place has a house on the property, where I would live, so I figured I would get a simple mortgage. But I came across someone saying that sometimes farm properties are considered 'businesses' so I would have to get a loan (Its just under 40 acres, 20ish stalls, and would be a boarding/lesson barn). I can handle paying back a long-time lower interest mortgage, but I think I see that loans are usually -much- more short-term, with higher interest rates, which I don't know if I would be able to pay back. Anyone have experience with buying horse properties? Which is it- long term mortgage or short term loan?
Thanks
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