Am I ready to buy?

[Thesnowbones]

I would class myself as an advanced rider, but not professional. I am on the eventing team for my university and I'm 28 years old. I have been a 4-5 day a week sharer of a 14.2 New Forest mare for 3 years now, and she was very green when I first got her. She's now jumping and competing with me, which is great, but the owner doesn't want to sell. I'm disappointed but have accepted this, so I've been looking around for something else. I've found a gorgeous 15.2 thoroughbred mare who rides beautifully and can stay at her current yard too, which is very local to me! I really want to go for it, because sharing us already costing me nearly £500 a month. Would it be different if I owned a horse outright?

I am also moving to Edinburgh in September to start my doctorate, and plan on taking the horse with me. I can hire a trailer or van, no problem. My main question is - are there gonna be any surprises when I own? I think it's financially viable for me to own, and I have the time...

 

[southerncomfort]

Hi,

You certainly sound experienced enough.

I would suggest that you sit and make a list of all the monthly costs involved in horse ownership as it can certainly be a bit of an eye opener! But as well as that you need to make sure that you would have enough to cover things that you can't really predict such as vet fees in the event of injury or illness or extra feed/forage if we had a harsh Winter. What if the horse needs a new saddle? Or regular physio? Also, you say you will be moving to Edinburgh so I would maybe investigate if livery is more expensive in that area compared to where you are now.

If you work it all out and can afford it without having to live on beans on toast for the rest of your life then you should probably go for it.

 

[Exploding Chestnuts]

As you are planning a move, I would not buy, but move and find out the local scene, get involved and you might find a private yard which competes, and you can travel with them, you really need a support group.

As to cost, my budget of £1000 per annum [native pony, DIY] went up to £3K and I ran out of money [started with 10k], but it was an unbelievable set of circumstances, I would work out the budget, add £500 for contingency per annum, saving each years unspent contingency in an ISA for a rainy day.

Budget to live on beans on toast for three years.

Not sure how you are spending £500 per month on sharing, but it will be more !

 

[JulesRules]

£500 a month to share is incredibly expensive. Is the horse on full livery? I guess if the horse is on full livery, and with 4 to 5 days you are getting the best of it.

I am on assisted DIY and including insurance etc and spreading the costs of winter throughout the year my front shod only good doer costs me about £325 per month on average at most.

 

[Thesnowbones]

Yeh she's on full livery, and it's kinda a full loan/share too. I'm going to look at the thoroughbred on Wednesday and providing all goes well, she will be moving straight to my yard the day after x

 

[applecart14]

The only tips I would give are to a) make sure you have your new horse vetted if you buy her.
b) make sure you have insurance in case anything goes wrong. Horses are very good at injuring themselves.

 

[JulesRules]

I was in a similar situation 5 years ago with a long term share that grew into a loan over 10 years. I made the decision to buy as the horse needed to slow down and retire to just slow hacking.

The main difference between a share/loan and buying is the emotional/mental side. I found buying a lot more stressful than I anticipated in the early days. With the talk of moving in particular I think having a strong support network in place is a big consideration.

Also, don't rush out and buy the first thing you see. Make sure you give yourself as much chance of getting the right horse first time as you don't want to be selling again in 6 months. Also, consider vetting. I didn't vet mine, but I was lucky and it worked out ok.

Good luck

 

[JulesRules]

The only tips I would give are to a) make sure you have your new horse vetted if you buy her.
b) make sure you have insurance in case anything goes wrong. Horses are very good at injuring themselves.

Sorry to hijack this thread. Applecart I tried to reply to your PM but your mailbox is full. I'm. Not the right person unfortunately. I'm out Meriden way. I might be able to suggest somewhere if you PM me which area you are looking

 

[applecart14]

Sorry to hijack this thread. Applecart I tried to reply to your PM but your mailbox is full. I'm. Not the right person unfortunately. I'm out Meriden way. I might be able to suggest somewhere if you PM me which area you are looking

Ok thanks Jules, will PM you now!

 

[Thesnowbones]

Thank you for all the advice ladies