Buying land- Total cost

anfieldrd · 29-09-2024 1:05pm #1

Hi,

I have the possibility of buying land in the next few years? I'm just trying to be in the best position when it comes up!

I have spoken to banks etc but want to hear from people who have went through it, any hidden fees etc.

40 acres say €15000 an acre so say €600,000.

What would it cost me at the above figures as an example? After fees, tax etc.

Thanks.

Manorpark man · 29-09-2024 7:02pm

if you’re not under 35 and have a green cert you’ll be subject to 7.5% stamp duty

solictors for the bank circa 3-4k

Your own solicitor whatever he’d be

Valuation for bank on purchased land €400-900

Possible valuation also for land as security

Donald Trump · 29-09-2024 10:10pm

10% would be a reasonable rule-of-thumb to allow for on top of the sale price

Projections as to what land will be at in a few years might end up far off what turns out in reality

Tileman · 30-09-2024 7:16am

usually bank requires you have around 30% deposit of loan amount . They will loan you the balance if 70%

Grueller · 30-09-2024 8:50am

https://www.boards.ie/discussion/comment/122667290#Comment_122667290

If foreign direct investment stops or reduces in the tech sector land might reduce fairly dramatically in value.

Donald Trump · 30-09-2024 9:02am

https://www.boards.ie/discussion/comment/122667824#Comment_122667824

Land is usually a bit slower to react to a drop from pure economic factors unless it's in a bubble stage though. People tend to sit on it, which does put a floor of sorts under it. I would hope that the government don't let it be inflated through their policies too much.

Dickie10 · 01-10-2024 7:13pm

a neighbours relation sold land last week, over 240 acres, hes retiringand said he thought it was already at peak values and was afraid of a fall in nxt 5 years. hes a guy that bought and sold land all his life. i dont know what would make it tumble or reduce in value though, ryan mick bought it up.

Tileman · 01-10-2024 7:23pm

yea see o Leary bought two farms in past month. I know he farms but these super farms are getting ridiculous. Will be back to the old way of landed gentry like the English landlords in a few years.

Pinsnbushings · 01-10-2024 8:41pm

Its a massive issue for smaller farms or young people starting out. Money made outside farming buying most of the land now. I don't think it's good for rural society. O Leary an coolmore are only the most high profile, but there is a couple of people in every county like them