Buying 20 acres good or bad idea.

realchewytiger

Any farmers thinking of purchasing farmland this year or is it too risky with all this uncertainty with brexit Reason I ask 20 acres for sale near me, thinking of putting a bid on it would need a farm loan to buy it. Having doubts with all this negative talk on farming.

PoorFarmer

Hard to tell. We took the plunge with 23 acres a few weeks back but only time will tell. Hard to tell at the moment but is hard to ignore it if it's on your doorstep. Alot of land for sale at the moment

monseiur

Once up on a time (.....that's how all good fairy tales begin!) a young man won a small fortune on the Sweep Stakes. He asked his father for advise re. investing his money - the father replied 'Buy land my son, the Good Lord will never again create any more of it'

lalababa

What will be your return on investment?
Will you be comfortable paying off the loan?
What interest will you pay? What is the emotional/self worth value to you to have the land.
How high will the price of the land go to win it or is it fixed) agreed?
Try to factor possible future senarios, ie economical senarios such as brexit , into return on investment calculation s.
Has it got BPS?????

Donald Trump

PoorFarmer wrote: »

Hard to tell. We took the plunge with 23 acres a few weeks back but only time will tell. Hard to tell at the moment but is hard to ignore it if it's on your doorstep. Alot of land for sale at the moment

I like the combination of the post content with the username

Donald Trump

monseiur wrote: »

Once up on a time (.....that's how all good fairy tales begin!) a young man won a small fortune on the Sweep Stakes. He asked his father for advise re. investing his money - the father replied 'Buy land my son, the Good Lord will never again create any more of it'

I heard that story too. And as the young man became a middle-aged man and then an old man he worked hard and minded that land. It meant a lot to him. He broke his back for that that land, he forwent many luxuries and even preferred to stay a bachelor rather than waste any pennies on social events or finding a lady for himself. But on his death bed he was happy. He had kept that land and was about to pass it onto his nieces and nephews...........


..............who promptly sold it before he was cold in the ground and spent all the proceeds buying themselves a truckload of expensive hats

Still waters

monseiur wrote: »

Once up on a time (.....that's how all good fairy tales begin!) a young man won a small fortune on the Sweep Stakes. He asked his father for advise re. investing his money - the father replied 'Buy land my son, the Good Lord will never again create any more of it'

Gold can be bought too dear as well, I hear that saying around here too and it's nonsense like this that has put too many farmers under pressure, OP, if you sit down and do your sums and it all seems ok then go for it, if there's any doubt forget about it, 20 acres will mean more stock and more work but will it mean a better living for you ?

Keepgrowing

realchewytiger wrote: »

Any farmers thinking of purchasing farmland this year or is it too risky with all this uncertainty with brexit Reason I ask 20 acres for sale near me, thinking of putting a bid on it would need a farm loan to buy it. Having doubts with all this negative talk on farming.

Yes, if you’ve the cash flow to meet the repayments.

Albert Johnson

Donald Trump wrote: »

I heard that story too. And as the young man became a middle-aged man and then an old man he worked hard and minded that land. It meant a lot to him. He broke his back for that that land, he forwent many luxuries and even preferred to stay a bachelor rather than waste any pennies on social events or finding a lady for himself. But on his death bed he was happy. He had kept that land and was about to pass it onto his nieces and nephews...........


..............who promptly sold it before he was cold in the ground and spent all the proceeds buying themselves a truckload of expensive hats

We had a man locally who was cut from the very same cloth. He would go without his breakfast to add to the estate, the same fella died suddenly and left the whole lot to a nephew who subsequently cashed in everything in site. This nephew has a taste for the finer things in life and thinks nothing of indulging his many passions with his uncles hard earned cash. As another local character summed it up recently, "One man saved it by the spoonful and the next spent it by the shovelful".

Grueller

Albert Johnson wrote: »

We had a man locally who was cut from the very same cloth. He would go without his breakfast to add to the estate, the same fella died suddenly and left the whole lot to a nephew who subsequently cashed in everything in site. This nephew has a taste for the finer things in life and thinks nothing of indulging his many passions with his uncles hard earned cash. As another local character summed it up recently, "One man saved it by the spoonful and the next spent it by the shovelful".

I am good friends with a local man in his late 70s here. He is almost 40 years older than me but calls into the wife and I at least two evenings a week. He is a great auld character and has gathered serious wealth in a lifetime of work that started driving a London bus. He is always minding the pennies.
We were talking one night and I said to him that after all his gathering up he has two sons who are in no way interested in farming and will probably sell it to pay down large mortgages in Dublin. His answer was , sure I know that a leanbh, but if they enjoy scattering it as much as I enjoyed gathering it they will be happy men.
Maybe thats the crux of the issue. The fun is in the challenge of gathering the estate. Its not for everyone and certainly not for me, but it is for some.

Who2

Brexit will be come gone and long forgotten, if youve the inclination, the funds or repayment capacity and have worked out whether you may have to sacrifice certain other aspects and your still interested, then go for it.
Im currently bidding on a fairly decent sized plot of ground and while i have based it on a fairly realistic sort of a return, i am under no illusion that i may have to carry the cost out of my own pocket for a fair while if everything goes completly arseways.

Nobbies

Land bought at the right price is always a good investment. But i suppose there was never much land bought at that right price. best of luck op what ever you decide.

grassroot1

What current enterprise will pay for the purchase of agricultural land?

Nobbies

grassroot1 wrote: »

What current enterprise will pay for the purchase of agricultural land?

I won't attempt to answer that one.I'd say it would want a whole thread of its own.

_Brian

grassroot1 wrote: »

What current enterprise will pay for the purchase of agricultural land?

If this question was asked and answered honestly more often land would change hands for a far more realistic price.

The old, “buy it because they’re not making any more” makes no sense if it’s not making any money amd in fact taking money from somewhere else.

Mad_maxx

For anything but dairying, 5 k an acre is plenty

SuperTortoise

Albert Johnson wrote: »

We had a man locally who was cut from the very same cloth. He would go without his breakfast to add to the estate, the same fella died suddenly and left the whole lot to a nephew who subsequently cashed in everything in site. This nephew has a taste for the finer things in life and thinks nothing of indulging his many passions with his uncles hard earned cash. As another local character summed it up recently, "One man saved it by the spoonful and the next spent it by the shovelful".

As they say, the 1st generation makes it, the 2nd generation minds it, and the 3rd generation spends it!

Muckit

Unless dairy lads would be better put that money into paying off mortgage early

realchewytiger

Mad_maxx wrote: »

For anything but dairying, 5 k an acre is plenty

Land needs fencing, ditches cleaned total reseeding alot of rushes from neglect from years of letting. No water on the land no sheds or penning. Has an old cottage with esb connected. Land either side of it is good ground so has potential I think. Auctioneer has it advertised at 100k.how low of an offer could I go in at? No offers on it so far.

Keep Sluicing

realchewytiger wrote: »

Land needs fencing, ditches cleaned total reseeding alot of rushes from neglect from years of letting. No water on the land no sheds or penning. Has an old cottage with esb connected. Land either side of it is good ground so has potential I think. Auctioneer has it advertised at 100k.how low of an offer could I go in at? No offers on it so far.

From what you described, less acres but land in good condition with an old rundown house for twice the price.
100k is good value.

Donald Trump

Keep Sluicing wrote: »

From what you described, less acres but land in good condition with an old rundown house for twice the price.
100k is good value.

Depends where it is

Probably not too overpriced anywhere in the country at that, but might not necessarily be a bargain either

When you're talking about rushes, you're not going to be paying top dollar compared to best land in the country.

There will be a value to it though.

Muckit

Good land will grow rushes if it hasn't been farmed in a while.

Dunedin

Albert Johnson wrote: »

We had a man locally who was cut from the very same cloth. He would go without his breakfast to add to the estate, the same fella died suddenly and left the whole lot to a nephew who subsequently cashed in everything in site. This nephew has a taste for the finer things in life and thinks nothing of indulging his many passions with his uncles hard earned cash. As another local character summed it up recently, "One man saved it by the spoonful and the next spent it by the shovelful".

When there’s a gathering, there’ll be a scattering

Grueller

Muckit wrote: »

Unless dairy lads would be better put that money into paying off mortgage early

What if its already paid?

LeoHughes

what guide price on it, how much an acre

gozunda

Mad_maxx wrote: »

For anything but dairying, 5 k an acre is plenty

And when others are outbidding everyone else?

cute geoge

Land you can go into on Christmas night is always worth buying but as for mediocre land run as fast as you can

Muckit

Grueller wrote: »

What if its already paid?

Work away then! You are on the pigs back

handlemaster

OP , do what interests you, you wont be on long here, best to buy if you want to and have the funds. Lots of people got more value than the intrinsic value most people place on land.

realchewytiger

handlemaster wrote: »

OP , do what interests you, you wont be on long here, best to buy if you want to and have the funds. Lots of people got more value than the intrinsic value most people place on land.

When I go in to put a bid on the land how should I handle the auctioneer, what sort of questions should I be asking. Is it wise to be the first bidder it will probably bring buyers out of the woodwork asking price is 100k.any advice would be appreciated on buying land.

handlemaster

realchewytiger wrote: »

When I go in to put a bid on the land how should I handle the auctioneer, what sort of questions should I be asking. Is it wise to be the first bidder it will probably bring buyers out of the woodwork asking price is 100k.any advice would be appreciated on buying land.

All depends on how much you think it is worth. Offer what would think its worth. No point in trying to low ball , you will not be taken seriously. And will be seen as a time waster

Muckit

realchewytiger wrote: »

When I go in to put a bid on the land how should I handle the auctioneer.

What are you going in for? Have you not got a phone?

Muckit

handlemaster wrote: »

All depends on how much you think it is worth. Offer what would think its worth. No point in trying to low ball , you will not be taken seriously. And will be seen as a time waster

By law all bids must be taken if it's the highest bid.

wrangler

realchewytiger wrote: »

When I go in to put a bid on the land how should I handle the auctioneer, what sort of questions should I be asking. Is it wise to be the first bidder it will probably bring buyers out of the woodwork asking price is 100k.any advice would be appreciated on buying land.

I'd bid low if there's no bid on it already, owner might be eager to sell,
If there is a bid on it already you can think about if it's worth it to you.
Owner might be way out in the asking price

handlemaster

Muckit wrote: »

By law all bids must be taken if it's the highest bid.

what does the even mean ? of course it will be noted. as in as much if im selling at car for 20k and someone offers me 2 k. It will be noted but it would be taken as a time waster. Next time they called I would be `... out of the office...

Mooooo

Work out the return to yourself you can make of it and what's the most you can afford to pay. Don't go above that figure. If there is a guide price with no bids, could offer 15% below that maybe. If someone else is interested it changes things but if not it may depend on how eager they are to sell

wrangler

handlemaster wrote: »

what does the even mean ? of course it will be noted. as in as much if im selling at car for 20k and someone offers me 2 k. It will be noted but it would be taken as a time waster. Next time they called I would be `... out of the office...

The guy asking the 20k can be just as much of a timewaster too,
No point in bidding high if it's overpriced, it'll make enough anyway

realchewytiger

wrangler wrote: »

I'd bid low if there's no bid on it already, owner might be eager to sell,
If there is a bid on it already you can think about if it's worth it to you.
Owner might be way out in the asking price

Going to offer 80k for it and see what happens. 4 k an acre is fair and enough for it I reckon.

wrangler

realchewytiger wrote: »

Going to offer 80k for it and see what happens. 4 k an acre is fair and enough for it I reckon.

Once you've a bid on it he'll have to come back to you if there's another bid

Keepgrowing

SuperTortoise wrote: »

As they say, the 1st generation makes it, the 2nd generation minds it, and the 3rd generation spends it!

Begs the question, which generation are you?

handlemaster

realchewytiger wrote: »

Going to offer 80k for it and see what happens. 4 k an acre is fair and enough for it I reckon.

what part of the country is this in.. ? sounds like very cheap land...

realchewytiger

handlemaster wrote: »

what part of the country is this in.. ? sounds like very cheap land...

Land is in Co. galway

Donald Trump

realchewytiger wrote: »

Land is in Co. galway

Have you done whatever (even quick) research you can do about similar land on the market or that sold in the last few years?




Ultimately it depends on how much it's worth to you, but those things will give you an indication of

A) What your "competition" is likely to bid it to
What the market is like in general (at the minute) should you wish to resell it.

handlemaster

realchewytiger wrote: »

Land is in Co. galway

didnt think you could get land that cheap in galway... must have a look

Mad_maxx

handlemaster wrote: »

didnt think you could get land that cheap in galway... must have a look

Plenty of land in Galway going cheap

Water John

I'd always go and meet the auctioneer, if it becomes a bidding process, phone is fine but by meeting him you lend yourself credibility.
Auct may also give you valuable info.

Robson99

Water John wrote: »

I'd always go and meet the auctioneer, if it becomes a bidding process, phone is fine but by meeting him you lend yourself credibility.
Auct may also give you valuable info.

realchewytiger wrote: »

Going to offer 80k for it and see what happens. 4 k an acre is fair and enough for it I reckon.

Offer 3k an acre. Easy come up a bit but you cant go down
And 3.5k is enough for it really if covered in rushes, ditches overgrown and in need of fencing, holding pen etc.
I bet there wont be a queue for it

realchewytiger

Robson99 wrote: »

Offer 3k an acre. Easy come up a bit but you cant go down
And 3.5k is enough for it really if covered in rushes, ditches overgrown and in need of fencing, holding pen etc.
I bet there wont be a queue for it

Thought about starting at 3k but was afraid auctioneer would think I was a time waster and not serious. No harm in starting at 3k and as you say can always come up to 3.5 max 4 k not going past 4 k an acre 100% certain on that.

Robson99

realchewytiger wrote: »

Thought about starting at 3k but was afraid auctioneer would think I was a time waster and not serious. No harm in starting at 3k and as you say can always come up to 3.5 max 4 k not going past 4 k an acre 100% certain on that.

Believe me he will know you are serious. Point out all that is wrong with it and what you have to spend on it.
Tomorrow would be a good day to walk it with him after all te rain. Not in a months time or certainly not in mid summer