Will the house on any part-time farm you are considering make a satisfactory full-time residence? How much will it cost to do any necessary modernizing and redecorating? If the house is not wired adequately for electricity or if plumbing or a central heating system must be installed, check into the cost of making these improvements.

Its worth as a place to live.

The value of the products you can raise on it.

The possibilities of selling the property later on for suburban subdivision.

Decide first what the place is worth to you and your family as a home in comparison with what it would cost to live in town. Take into account the difference in city and county taxes, insurance rates, utility rates, and the cost of travel to work.

Next, estimate the value of possible earnings of the farm. To do this, set up a plan on paper for operating the farm. List the kind and quantity of things the farm can be expected to produce in an average year. Estimate the value of the produce at normal prices. The total is the probable gross income from farming.

To find estimated net farm income, subtract estimated annual farming expenditures from probable gross income from farming. Include as expenditures an allowance for depreciation of farm buildings and equipment. Also count as an expense a charge for the labor to be contributed by the family. It may be hard to decide what this labor is worth, but charge something for it. Otherwise, you may pay too much for the farm and get nothing for your labor.