What to do with 26 acres?

Big Mouth

HIi,

Our family 26 acres of land on the Kildare / Dublin boder at rathcoole and we are not from an agricultural background at all. The problem we have is this land is costing huge sums every year and we aren't doing anything with it. There is a dwelling on the land, in very bad repair but still standing.

What I would like to hear is any suggestions for doing something with the land, should I get some auctioneers to value and assess the land? And see if there is an oppurtunity to build houses, rent out as agri land etc

Thanks for any help

adne

First Q: Why is it costing huge sums each year. It is after all an asset

Big Mouth

Well it was only purchased 6 or 7 years ago, so there is quite a substantial mortgage on it.....also I should add it is up a hill and on a country lane so not even in a great area!!

reilig

What was it bought for?? Location won't matter if its agricultural land.

Big Mouth

It was quite a large amount of money that it was paid for, My father bought it with no clear idea really, he was considering maybe building a house and selling it with 6 acres and then he considered turning it into allotments but basically no one has made progress what so ever on our end and now we are at a loose end over what to do with it.

I reckoned myself to get two or three auctioneers to have a look and see what comes from that.

Tipp Man

Sell it and cut your losses seems the obvious answer to this

If you borrowed a large sum to pay for it then 26 acres has no chance of paying back any decent size loan, no matter what you do with it (from an agricultural point of view)

babybrian

Average rental or lease prices are probably somewhere in or around the €100/acre mark

adne

Sounds like ye speculated in making money from property and got stung.
Cut your losses and sell... and take the hit on the offset

matt-dublin

Build 5000 obnoxiously small apartments on it and sell the at ridiculous prices.... Oh wait u can't! It's not 2006!!!