Before Purchasing an Equine Property
Deciding when you are ready to buy equine property or property, in general, is always an exciting but daunting task. There are things to consider and knowing the goal for the property helps you and the relator in finding that right place for you. Questions to evaluate the property; What do you plan on doing with the property that you plan on purchasing? Have you evaluated if you can take on the projects of the property or land that will be needed or wanted? What will your monthly payment be or mortgage period or, down payment, interest payment, if profits can cover these costs? What are your plans for the property? Is it made for a trainer, farrier, vet, boarding, and/or other? Before any purchasing, make sure you are ready for what may be thrown your way.
Not only do you need to evaluate the land/property, know your plans to have the equine on your land. Add to your checklist when looking at a property for an equine business;
- Magnitude= What size do you plan on having your business operating at? How many equine animals do you plan on having on the property? How many equestrians do you plan on having on the property?
- Suitability = How are your day-to-day operations going to run? Do you need to hire? How am I going to keep the equine safe? What materials am I going to use? How am I going to light the barn? Is everything up to code? How will I keep records for the equine and taxes?
- Business Plan = How much will I need to charge to make a profit? What materials will I need to buy regularly? Will I have events? How do I plan on marketing?
- Financing = Will I be able to afford the inspections before purchasing? Will the land/property taxes break the bank for me? Should or will I hire a real estate lawyer? How much is a mortgage lender willing to offer (pre-approval)? What is my budget? Taxes, Purchasing
- Inspections = How sound is the structure? Is the electrical up to code? Is there adequate room for an equine? Is it a safe place for both equine and equestrian?
- Ownership, Insurance, and Liability = How many owners will there be? What business entity will the business be? Am I protected? Do I have insurance? Is this a safe area? What laws will I need to be posted on my property? Am I in compliance with my state laws? How will my neighbors react? How much equity will this property offer?
Know the big picture of what you want to achieve and how you will do that. Evaluate your area that you want to be in. Know how much work you will need to do for the property to get it to your expectation. Set a budget and keep track to stay within means. Check out our YouTube channel and other articles for more information before and after purchasing a property for equine. Thank you for joining the Equidae Family and happy property hunting!