Buying 1st time "hobby farm"
I'm not sure if this is the right part to post this in, but I hope ya'll can help me.
My husband and I have been looking for a small hobby farm for quite some time. I'm an avid horse lover, and have years of experience working with them. My husband wants acreage for our son to have room to play around.
I found a place on craigslist and have talked to the guy about going out to see it He says they are also selling their horses and moving into a subdivision. If you're interested, this is the post > NEW PRICE! Prime Horse Property. Connects with horse trail! LOW TAXES
It basically looks like everything I would want in a house/barn. 7 stalls is plenty, and would probably make one a "tack room".
Question is, if we do end up deciding we want this property, what kind of things should we try and negotiate into the contract? Since we are 100% new to owning our own farm I was thinking we should try and negotiate the farm equipment they already have, whatever is left in the tack room that they are not taking with them, and maybe a couple of their horses if I like them.
Do you guys think those are unreasonable requests if we are willing to go up a little in our overall price?
is it fenced and cross fenced ? with what ? I would wonder about the light in the barn . the wires appear to just be hanging there. I would question that the renovations were done to 'code'. not hapazard. Having to fix wiring or pumbing would be expensive. Also what is the water source? well ? how deep ? how old? has it had to be redug ? last time it was tested for bacterias? hard water ?high nitrate level? is there a septic tank ? last time pumped.. Make them get it pumped out and make sure you have a receipt for proof, How old of septic system ?if there is a well, where is located and how far away from the septic ?are you on a paved or dirt road ? if it is a water well, is it a community well ? what size pump ? how much water does it produce in an hour ? recover time of well ? Google water wells , septic tanks, and code for your area .
oh one other important question.. is the property in or near a flood plain ?
$4,600 a year is considered LOW property taxes in that area?! Gack! I pay $538 a year on my 5 acre place.
Yep, everything stevenson said, plus how well does the property drain? If you don't have good drainage, every time it rains you'll have mud and poop soup in your pastures.
Very good points everyone...
219k for the property and all that comes with it does not seem bad for Illinois from what others have told me, but..... 4,600.00 a year in taxes? That is Highway Robbery
I would have some experienced Horse/Farm owners go with you to look at the property to check things out.
I would call the county and make sure zoning allows for horses, and how many. We have places in MN that require 2 grazable acres per horse. Personally, I wouldn't buy a barn like that with less than 20 acres.
While I was on the phone with the county, I would check the history of the property. Assessments, building permits pulled, it's amazing what is available as public information on a property. Make sure that there are no extensions that expire with the current land owner.
I would also check with a real estate agent. They can see the property history if it was sold or for sale on the MLS. How many times has it been sold, what was it originally listed for, things like that.
Thank you all for your input! All very good questions to ask when we go look. I would probably end up gutting the inside of the stable itself, doing new stalls, wiring, flooring, and adding a tack room and x-tie area. I see what you were saying about hanging wires, and the everything in the stable looks pretty worn out.
I know you are all blown away by the taxes, but for the area we are that is actually considered average unfortunately =(
This place is actually below our price range so renovating the stable and fencing is definitely a feasible option. We;ve looked at similar properties that were actually in worse shape and were priced higher, so I think it's definitely worth checking out at least. I'll write down a list of the concerns you guys had, and bring my friend out with me who built her own (albeit very upscale) stables that runs perfectly. Hopefully she can point out some helpful things as well.
Anything else you think of please let me know!!!
As for the fencing question, I believe he said it was chainlink in the "main" backyard, with wooden 3 rail fencing on outer perimiter, and electric fencing for the paddocks. I would probably add some wood beams for added visibility if he doesn't already have that in the paddocks.
Oh, and instead of trying for a mortgage with a conventional bank, look for Ag lenders in your area. They're more likely to finance a farm property.
I'd like to see pictures of the pastures so you can see fencing and such.
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