Buying Land

wantstobuyland

Hi

I am not a farmer but I am thinking about buying a 10 acre field with the intention of building a house on it in the future and renting out the rest of the land. The land does not come with planning permission, so I can't get a mortgage for it.

So I am wondering what my options are?

I have a good job and have been saving regularly for the past 2 year.

Cheers

Rhys Essien

Can I ask,what price are the 10 acres being sold for?

Has the land road frontage?

You could built a farm shed on the land straight away,after planning.Maybe then put in a mobile home.Over time put in planning for a house on your farm.

Not 100% sure but it will be interesting to know what others posters input will be.

blue5000

Location location location? It might be worth looking at something with a ruined/ old house on it already, might be easier get PP to renovate or knock an existing house and re-build on the same place?

porter shark

buy a house, keep your money for going on holidays and leave the land to the farmers

Gallant_JJ

What part of the country are you in? A pre-planning consultation would tell you a lot.

wantstobuyland

Price wise im not too sure as its going for auction.. I reckon about 120k because its good land and there is plenty of road frontage. There is no buildings on the land. I have 60k in the bank (and no loans outstanding) but that leaves me 60-70k short.So I am wondering what my options are?

Since there is no planning on it I can't get a mortgage. However, if I buy it planning will not be an issue down the line as im from the area.

Banks hardly offer long-medium term loans for agricultural land to non farmers?

Is my only option to try and get a personal of 60k loan of the bank and repay it over 5 years? Repayments and interest would be huge but I could try to:
1 get planning ASAP
2 then get a mortgage
3 pay off the loan straight away with money from the mortgage
4 start building

What are the chances of a bank these days willing to lend me 60-70k without planning?

caseman

wantstobuyland wrote: »

Price wise im not too sure as its going for auction.. I reckon about 120k because its good land and there is plenty of road frontage. There is no buildings on the land. I have 60k in the bank (and no loans outstanding) but that leaves me 60-70k short.So I am wondering what my options are?

Since there is no planning on it I can't get a mortgage. However, if I buy it planning will not be an issue down the line as im from the area.

Banks hardly offer long-medium term loans for agricultural land to non farmers?

Is my only option to try and get a personal of 60k loan of the bank and repay it over 5 years? Repayments and interest would be huge but I could try to:
1 get planning ASAP
2 then get a mortgage
3 pay off the loan straight away with money from the mortgage
4 start building

What are the chances of a bank these days willing to lend me 60-70k without planning?

You can buy a house alot cheaper than building,i've seen houses sold at 50% of the construction cost.
And the return from buying land to rent is ano brainer.

Farmer Pudsey

If you have a good income and can service a 60,000 euro loan and have half the price of the land I cannot see why you would not get a loan O get the impression that you may be intending to buy it build a house on it and sell your own. Talk to a bank and see if they will lend you the money I imagine that that kind of money over 10 years will cost 7500-8000 euro per year or 625-775 per month

wantstobuyland

thanks for the advice. Ya I really need to call into my local bank and have a good chat with them.

Cheers