Buying Land at the moment

amacca

Considering buying a bit of land at the moment, am I stone mad?


I know theres not a person who can say with accuracy where the dice lands with Brexit (my own suspicion some sort of Fudge where both sides say they got what they want and the UK suffers ....... rather than a cliff edge, maybe even another vote and a u turn with some face saving)

Its bloody expensive and for the enterprise I'm at (beef mostly) the return isn't great...Im wondering if it will be a lot less in a year or two (although I think in the event of a drop it would eventually recover its value in this country at least)

Theres uncertainty in terms of what BPS will look like.................just on that if you bought a plot with no entitlements now or next year can you then apply for entitlements on the purchased plot up to the value of what you presently hold on existing acreage or do you start with zero value on the new plot and build up?

memorystick

Yes, you would be mad but I have yet to meet someone who regretted buying land. Best of luck.

Willfarman

If you have see out and can clearly pay for it without hardship it’s never a bad yoke.

restive

I have recently taken the plunge, based solely on the location of the land. No entitlements attached to the land. AiB are valuing good land in my locality at Ã႒¢â€šÂ¬6,900 an acre. Addional expenses totalling Ã႒¢â€šÂ¬5,500 for the purchase. There are alot of bannana skins ahead right now. Brexit, value of entitlements after 2020 and beef cattle themselves with the turkish currency having falling of a cliff. I think if the land is in a good location for you then I would say buy. If not then you could always buy somewhere else in the future.

Loves_lorries

Land price trend tricky to work out, it's clear that unlike last time, land is doing its own thing and isn't moving up with housing, Dublin house prices up 80% since 2012, farm land prices more or less flat since.

Land will never see 2007 prices again.

Grueller

Loves_lorries wrote: »

Land price trend tricky to work out, it's clear that unlike last time, land is doing its own thing and isn't moving up with housing, Dublin house prices up 80% since 2012, farm land prices more or less flat since.

Land will never see 2007 prices again.

Heading for it in north wexford again. As rough a place as you are ever likely to see around here made €8500/ac yesterday. A lad mowed the whole place for rushes for bedding in August.

Loves_lorries

Grueller wrote: »

Heading for it in north wexford again. As rough a place as you are ever likely to see around here made €8500/ac yesterday. A lad mowed the whole place for rushes for bedding in August.

Any sort of scrub was making 10k in 2007

Grueller

Loves_lorries wrote: »

Any sort of scrub was making 10k in 2007

This is no better.
45 acres with 12 acres of a rock here sold for 540k a few weeks ago. €12k per acre, even for the outcrop.

Burning Tires

Grueller wrote: »

This is no better.
45 acres with 12 acres of a rock here sold for 540k a few weeks ago. €12k per acre, even for the outcrop.

40 acres is making €505,000 near me. 28 acres grazing, 12 acres of scrub/rock. No development potential. Just 3 different parties interested, 2 of them dairy farmers next to the milking platforms. Other interest party is a hobby farmer that is wirking in the tech industry.

K.G.

Burning Tires wrote: »

40 acres is making €505,000 near me. 28 acres grazing, 12 acres of scrub/rock. No development potential. Just 3 different parties interested, 2 of them dairy farmers next to the milking platforms. Other interest party is a hobby farmer that is wirking in the tech industry.

Castlehaven?

Burning Tires

K.G. wrote: »

Castlehaven?

Yeah. Near-ish as i have a 9 arces near by that an old relation rents me for €1/year. I cant see how the local lads square that circle at that price.

Dickie10

you would want the money on hand and be able to buy it out of your pocket. would there be any value on land having sites for sale on it? how much is a site now in commuter belt?

TooOldBoots

You can forget about selling sites from land now within zoned areas as they are hit with 80% capital gains tax.
I purchased land earlier this year, the 6% stamp duty is a right kick in the stones.
On top of which all the solicitors are busy as fook. I only recently got it finalized 6 months after I took possession. It took nearly 9 months in total from the initial agreeing the price to the end
Having said that I notice most of the land that was for sale at the time has moved on so its a sellers market at the moment

arctictree

TooOldBoots wrote: »

You can forget about selling sites from land now within zoned areas as they are hit with 80% capital gains tax.

I though that was scrapped?

https://www.irishtimes.com/business/commercial-property/government-to-axe-80-development-land-windfall-tax-1.1963043

amacca

TooOldBoots wrote: »

You can forget about selling sites from land now within zoned areas as they are hit with 80% capital gains tax.
I purchased land earlier this year, the 6% stamp duty is a right kick in the stones.
On top of which all the solicitors are busy as fook. I only recently got it finalized 6 months after I took possession. It took nearly 9 months in total from the initial agreeing the price to the end
Having said that I notice most of the land that was for sale at the time has moved on so its a sellers market at the moment

yup the 6% is a balls alright considering what it was before......twas lovely bit of land but I'm more and more thinking I'm going to err on the side of caution ...I don't need the stress of more borrowings and I'd like to see how Brexit etc plays out

What has the solicitors so busy (well busier than usual anyway)?.......is that anecdotal and is it with property transactions.......I've noticed a lot of property (mostly houses plus a steady trickle of land whereas before it was fits and starts) coming on the market and seemingly shifting as well.......I wonder are some sellers thinking they will cash out before the inevitable drop or is it a mix of demographics and other factors that has increased the flow?

Burning Tires

Land doesnt stick around here too long. Usually sale agreed under 6 months of the for sale sign going up. The dairy industry is driving it around here, but that's West Cork for ya.

TooOldBoots

amacca wrote: »

yup the 6% is a balls alright considering what it was before......twas lovely bit of land but I'm more and more thinking I'm going to err on the side of caution ...I don't need the stress of more borrowings and I'd like to see how Brexit etc plays out

What has the solicitors so busy (well busier than usual anyway)?.......is that anecdotal and is it with property transactions.......I've noticed a lot of property (mostly houses plus a steady trickle of land whereas before it was fits and starts) coming on the market and seemingly shifting as well.......I wonder are some sellers thinking they will cash out before the inevitable drop or is it a mix of demographics and other factors that has increased the flow?

I think its the increased in housing sales along with a booming commercial sector that has em busy.Plus they (solicitors) are still running skeleton crews.