Five things to consider when buying a smallholding
Owning and managing a smallholding has become increasingly popular across the country and even celebrities are seeing the attraction; former singer Jonathan ‘JB’ Gill from the band JLS dove into the world of agriculture three years ago when he bought his 10-acre farm.
Are you looking at buying a smallholding in the West Country but not sure where to start? We’ve taken a look at five areas you should consider…
Two vital questions: how much can you afford to spend, and how much is it going to cost to make the dream a reality?
Not only do you need to consider the initial costs of buying a property with land, you’ll also need to factor in any additional capital that may be needed for your business. Are you hoping to convert redundant barns into holiday cottages? Do you want to buy livestock?
These potential start up costs need to be taken into account before buying. Create a list of all potential expenditure and also allow for some contingency. Not sure how much rural life really costs? If you’re looking at taking the plunge there is plenty of support available through local rural business agencies such as Business Information Point at Okehampton, who’ll be able to work with you on a business plan.
You’ve decided you want to invest in a smallholding, but you find yourself asking where?
With some of the UK’s best beaches, scenic spots and a vibrant agricultural sector, the West Country is one of the most sought after places for people buying smallholdings, but with the region stretching across more than 1.8 million hectares, deciding whereabouts you want to invest can be mind-boggling and daunting.
What are your priorities? Do you have a young family and need to live near a school? Are you looking for land suitable for certain livestock? Is accessibility a key factor if you’re planning on opening your farm to the public? Do you want to be part of a community or near somewhere with shops and services?
Prioritise the must-have factors and use your list to help find the property that suits most of your requirements. Don’t have time to look yourself? We can help; give us a call today to start your journey to finding your West Country Dream.
The size of the smallholding is a fundamental factor when it comes to buying a property. Ask yourself just a few simple questions; How much land do you need to make the profit and revenue you’re targeting? Is there room for future growth? Is there potential diversification?
Although a smallholding tends to be a farm of 50 acres or less, it is still enough space to allow you to run a successful business; remember not to over commit to the costs associated with vast swathes of land unless you know that you need it, and exactly what you’re going to do with it!
The beauty of buying a smallholding is that there is something available for budgets of all sizes.
Start small, dream big!
It’s unlikely that you’ll buy everything up front and there will be on-going costs as you build your West Country dream. Factor in these costs to all of your calculations and if you’re worried there may be areas you’ve not considered, why not give us a call?
What do you want to achieve from your smallholding? Is it a retreat for you and your family? Stable income? A growing business? A place for the public to visit? All of these things?
Ensure you know what your target is from the beginning to help you fulfil your ultimate goal.
We wish you the very best of luck in your search.
West Country Dream helps people looking to buy farms and smallholdings achieve their West Country Dream. For more information on how we can help your move become a reality please give Helen a call on 07816 514667.