- Apr 26, 2003
- Professional Status
- Certified Residential Appraiser
Question for you Alamo. As a prospective buyer with vast horse sense and experience let me pick your brain real fast.Alexi,
From your question I am reading that you are asking "Am I paying a fair price for this equestrian property"?
I am a retired commercial appraiser in Texas who has appraised many equestrian properties. Like you I am in the market right now to buy an equestrian property. I may have a different prospective than other commenters in this forum. For me I am looking for a commercial use of boarding horses and for training purposes.
What is your goal/purpose? For example, if you are buying this property for private breeding you most likely will pay too high a price. One doesn't need 64 acres to do that. It can be done with a 5 - 10 ac parcel of land. If the purpose is a boarding/training facility that is another value question. The answer will depend on location, what type of training you plan on doing, the condition of the land as well as nearby community amenities such as feed & seed stores, vets and major nearby municipalities.
First, I would start looking for equestrian properties in data sources such as Horseproperties.net & HorseClicks.com. Most MLSs don't have a category for equestrian properties. For example Realtor.com has limited capability in selecting specific land sizes for properties and realtors call a cheap metal covered area a barn.
Second, I would only look at properties that have no land use restrictions and 2 water wells - one for the pastures and one for the improvements/outbuildings.
Third, I would make sure the property is fully fenced. Cross fencing would be an extra benefit.
Fourth, have a nearby retail store (within 10 miles) that sells equestrian feed such as coastal hay or a neighbor that can provide you a steady supply.
Some things to consider when boarding/training horses - solid walls in stalls; swivel feeders/hay/water compartments; a tack room with space for saddle racks a bridle hooks; cross tied wash/grooming areas; space for a washer & dryer; a pest control system and space for RV/Trailers (35 or 50 amp electrical service) for customers who come to your facility; ceiling fans in the barn.
What type of horse training will you do? This may determine the equipment you need. For example, are you training riders for Western or England style? In Western style will you train on roping, barrel racing, etc. On English will you do jumping or riding? Will you train youngsters in your area proper 4H handling of animals or handle group riding tours, etc.
If it rains in your area consider a cover for the arena. If the area is your training area make sure you have it lit and a raised enclosed room with a loud speaker system for riders to hear instructions from an instructor.
Make sure 3/4 of your land mass is devoted to letting horses pasture. This will lower your feed costs. Multiple pastures allow for adequate pasture rotation.
Make sure you can have "hot fences" and keep control of the monthly electrical costs from local co-op or electrical company.
Finally, in my many years of experience I would seek the help of a knowledgeable realtor/appraiser prior to making a purchase. The realtor/appraiser I would look for would be a prior rancher, team roper or competition rider. I would not select one that lives in a home on less than 5 ac.
So if you had two identical houses side by side on 25 acres, one unfenced and one with an extensive horse setup how much more would you consider paying for the horse setup?
I realize there are many variables but I recently appraised one in the outlying desert in the 300-400k price range with the following: All 25 acres had no climb, pipe rail fencing, there were three seperate "arenas" fenced in with 1.25 ac in each. Each had water and electric. There was also a very nice, 5 year old premanufactured modular barn with 6 fully enclosed stalls, wood paneling, wood slide doors, water, electric along with a large storage/tack room area. The barn was roughly 50X60'.
Care to share what you believe that would add to a prospective buyer such as yourself or what you would be willing to pay in that price range versus the same house sitting alone on 25 acres?