If you have reached the point that you no longer want to run the family farm as a going farm, you might want to research a range of other options including selling the farm to another farmer or converting the farm to another purpose and subdividing the land. 

Here are some tips to help you see if this is the right option for you. 

Research the market conditions

While land subdivisions are often for residential purposes, it can be a good idea to check out which options might suit your location. If you are on the outskirts of an existing town, you might be able to sell the land for residential purposes, but if your farm is in a more remote location, it might be more useful for a commercial estate which can be used for sellers of farm equipment or similar agriculture commercial uses. This can also give you an idea of the approximate value of your property so that you can assess the potential value of the project. 

Research the council restrictions

While your land will likely be currently zoned for agriculture or commercial use, there will be a process by which you can get the land rezoned for either residential or commercial purposes. It can be useful to speak to the council and review previous rezoning applications to discover which applications have been successful and what facts have been used to support the application. This can help you to create a successful application. 

Speak to contractors

Once you have got to a stage where you can see what might be the best possible use for the family farm (in terms of the location of your farm and the potential to a get a rezoning approved), it's then time to assess the costs of the project. The earthworks, services and roads within the land subdivision will be required before you can sell the land and the cost of these options will vary depending on the flatness and accessibility of the land as well the proximity of the blocks to existing services. A contractor can give you a quote on these costs so you can see if the project is likely to be financially viable, particularly if you have to a carry a portion of these subdivision costs for a long period of time before you sell the blocks. 

Transforming your family farm into land subdivisions can be a time-consuming proposition, but it can often yield great profits if you do good research before you take the plunge.