Definition of a hobby farm
Hi there
We are looking to purchase our first farm, have a tree change and get into some breeding of horses, raising chickens etc. we expect to make a small income initially and as we wind down our city jobs over the next five years and increase the income from the farm.
In talking with lenders and insurance companies they all ask whether we are setting up a hobby farm or a farming business.
Can anyone tell me the technical definition?
Thanks
T