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Buying a farm house in Scotland!

Joined29 April 2018
Messages15
We’re finally in the position to buy some land and have the horses at home with us so we’ve started looking at what’s around and have found a small stable yard and bungalow which would potentially be great for us.

It’s about an hour west of Edinburgh and we haven’t bought for many years so we’re not really sure how to play it and what the markets currently like.

Property we like has been on the market for about 8 months (!) and so the price has been reduced compared to the valuation on the home buyer report but we still think the ‘offers over’ price is too much compared to the work it needs putting in. We wouldn’t be looking to sell for a few years (if at all) but given it hasn’t sold yet, we’re aware it may take a bit of time to sell up if and when the time comes.

Anyone bought a small holding / small farm / stables before that could offer some advice? Or even anyone with an idea of the current market?

Thank you! :beer:

Comments

  • It depends where you are moving from in relation to the new place.

    I moved 80 miles from my home to a small holding , not much different to my original area as both were rural and all that goes with that can be challenging so that wasn't the problem.

    Practicalities for us was the amount of upkeep , time and money keeping the land in good order. As there were only the 2 of us and in our mid 50's it was a lot of hard work as well as looking after our animals as well
    Fences were always needing repair, barn roof , stable roof tiles, literally every day there was more than enough to do .

    We had a lot of equipment anyway but everything has to be petrol machinery and heavy duty to cope with the workload
    Our biggest problem was although we were only 80 miles away , family couldn't visit often and so after a couple of years it felt everyone back home were getting on and growing up and we were missing so much.

    We just couldn't pack up and sell as we had to find somewhere that could accommodate our animals but close to family, unfortunately we were going back to SE Oxford which isn't cheap so it takes a while to keep an eye on what's for sale and hope we could sell when something came up .

    The first time we tried our house didn't sell and after 8 weeks I pulled off the market and left it another 18 months

    Luckily the next time it sold within hours and we did get back home., but at a price.

    The house, views and all that goes with it can still feel restrictive if you haven't got family so takes a lot of thinking
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Joined29 April 2018
    Messages15
    We’re finally in the position to buy some land and have the horses at home with us ....

    How do they open the doors?
    Sorry I'll get me coat
    :D
  • jennifernil
    jennifernil Posts: 5,688 Forumite
    Part of the Furniture 1,000 Posts
    edited 26 February 2019 pm28 9:19PM
    I would think that sort of property would have limited appeal, so not surprising it would take a good while to sell.

    The HR value is a market value, but if it is 8 months since it was done, things may have changed.

    How does the OO figure compare with the HR figure? The vendor will be hoping to achieve the HR figure, or pretty close to it, depending on the demand in the area.

    Hour west of Edinburgh would be pretty much in Glasgow, so I would have thought it would be desirable, but it would depend on exactly where it was.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hour west of Edinburgh would be pretty much in Glasgow
    Yes, it seems an odd way of describing the location! If it's somewhere reasonably commutable into either city (or both) then obviously that makes it rather more marketable.
  • tacpot12
    tacpot12 Posts: 9,046 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    The price you pay should depend, to some degree, on when you might want to sell it. If the house is perfect for your needs, and you know you will never want to sell it (even if your circumstances change) and you can afford the asking price, why not pay the asking price?

    On the other hand if you can't afford the asking price (perhaps because you need the money to do essential work on the house) then offer the asking price less the cost of the work.

    It gets tricky if you might need to sell it in future. Pay over the odds and you will loss out. Use local estate agents to establish what price would guarantee a sale.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    There's very little detail in your post to go on. Property with enough land for equestrian use is always in demand, but it's just as sensitive to price and location as any other.

    Commutability is just one factor. The other big one for horse owners is whether there's easily accessible outriding, because no one wants to ride around in circles on their own land all the time. If the property's only access is a busy road, that limits its appeal.

    A house and stable yard + land near me came on the market a couple of years ago as a probate property. I came to know the executor quite well, so offered the opinion that it was worth around £300k in its then current state. However, he preferred to listen to the agents, who'd advised him £375k 'might' be achievable. With this in mind, he painted the house (badly) and stuck it on the market at £365k. It didn't sell.

    Last autumn, the above property finally sold for £295k. The lady who bought it was aware of its shortcomings and that she'd need at least £50k to make the house sound. I think she's probably on target to spend 50% more than that, which she doesn't mind, because it's a 'forever' house. It only took her a few months to decide she was staying, but as she put it, "Moving over a hunded miles is a big leap of faith, so I needed cash in hand to escape if it proved a mistake."

    If this bungalow is just on the edge of affordability, consider carefully what work it might need to become a comfortable home and factor that into your offer..
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ... has been on the market for about 8 months (!) and so the price has been reduced compared to the valuation on the home buyer report but we still think the ‘offers over’ price is too much compared to the work it needs putting in.

    With a lag of 8 mths it seems that nobody is biting the seller's hand off.

    So ... you make them an offer of what you're willing to pay. Ignore Offers Over price and HR valuation. Then one of two things can happen;

    1. They accept straight off the bat, or
    2. They decline your offer, then;

    2a. You both negotiate through your solicitors or agents to see if you can find middle ground. If no middle ground can be found, you walk away.

    You won't have any competing interest, so they can't play your offer against anyone else's, nor usefully declare a closing date for offers....
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