You can start a farm in your backyard just for pleasure not for income and spend time there during holidays or weekends. It is very important that you are involved in an active leisure activity which could be farming. Farming is not always meant for financial gain you can do it at the backyard as a hobby. When you do hobby farming it means that you have another source of income which could be salary, retirement benefits or trust funds. When you do something out of passion you are likely to be successful in it and that would be in farming.
The merits of hobby farming are numerous and you can plan of doing it. If you have a invested in some animals which you are keeping in your backyard you will increase the value of your home. It is common that homes with dogs are seen to be of higher value than those without. The investment on the farm is little compared to homesteading as in hobby farm your aim is not to earn cash. Chances of losses are minimal in hobby farming this is because as a farmer you are always prepared of risks available.
For you to start a hobby farm you need to have the drive that you can manage the farm in the best way possible and you feel that you need it. You do not have to pay much tax for your hobby farm it is wise that you register your farm as a hobby farm to spend less and maintain the standards.
If you decide to go for homesteading you will enjoy the tax breaks which are not there in hobby farming. It is wiles as a homesteader to file your returns to avoid being moved to the level of a hobby farmer and you will no longer enjoy the tax breaks. As a homesteader your goal is to be successful and make profit in the farm. If the farm fails to make profit it will be regarded as a loss unlike in hobby farming where it is a disappointment. It is common that both hobby farmer and the homesteader enjoy the benefits of not shopping everything; they can use the farm products such as pumpkins at home. Their homes also looks great and more valuable, a home with horses is always a luxurious one.
A new investment is always a source of income, if you are planning to sell your home in the future you can start hobby farming now to increase the value of your home. Your home will look more valuable when with maybe a horse shelter and thus will fetch a better price in the market. It is important that you check on your priorities and look for more information about homesteading and small hobby farming. This will make a well informed decision on which one you can do best. If you are interest is for financial gain you can go for homesteading and if your aim is find good leisure activity hobby farming is the best for you.