Can I afford to buy?

[Cloball]

Just a musing really for the future. I am missing horses and riding so much and I finally live in a place I could keep a horse close to home AND have excellent hacking.
Obviously now is not a good time but I am thinking about the future....

I will have paid off a small loan in 6 months time so will be debt free ( not including student loan) and nothing on my credit card. I take home about 1.7k after tax and my rent and bills aren't too bad.

I am, however, one of life's worriers so the more I think about it the more disasters I have to plan for and the more I decide I can't possibly afford it.

I will not be looking for anything fancy ideally a native that will live out to be a happy hacker/adventurer and possibly low level dressage. I am also not the most confident... Getting windier as I get older but have been having regular lessons to fill the gap and feeling better again.

This would also be my first horse. I have part loaned, shared and worked on yards for many years but not owned before. I have tried looking for a loan around here but did not get on with one and didn't hear back from another... Then the lockdown happened.

Not sure what the point that of this thread is really but advice would be greatly appreciated.

 

[OrangeAndLemon]

Once you've paid off your loan, save for double the cost of a horse, then go for it if the saving felt easy.

No one knows what the future holds, but speaking financially, if you can afford it and have done the sums, then why not, life is too short to not be happy.

Don't forget the cost of shoeing (not every horse will do well barefoot), feed, supplements, rugs (including maintenance), tack, insurance, lessons and training, vet bills etc. Money just disappears when you have a horse.

 

[Cloball]

Thank you great advice! Although saving seems very easy at the moment not being able to go anywhere!

 

[S.AAnderson]

Hi @Cloball

Before buying a new horse I always draw up a draft budget to give me an idea of my outlay each month. Like you I am also a worrier, so prefer for this to be 'over-cooked' and find myself in a more comfortable position.

Apart from buying the horse & tack the main costs will be for stabling, do you know what type of livery you want? This price can be your starter point, from there you need to add on your 'fixed costs' e.g.farrier and then not forget about any 'extras' (which will occur over the year).

FYI my budget is in AUD as I am based in Australia:

Monthly expenses
Full livery (includes ALL feed and hay) $780 My yard is about 50mins drive from home but full livery is half the price of what I'd pay in Sydney, plus they have unlimited turn out.
Fixed costs
Supplements $75
Farrier- (every 5 weeks) $155
Insurance- (vet & accidental cover) $86
Vaccinations (annually) $8
Dentists (annually) $15
Worming (every 8 weeks) $15
Lessons/comp fees $130
Total $1,264

Extras (per annum)
Physio (4 visits a year) $600
Saddler (annually) $175
New equipment (rugs etc) $400

So for me I try to allow $1,500 per month.

When I have the extra money I also build up a 'buffer' for any surprise vet bills. It's not vital but I tend to err on the side of caution with these things.

Hope this helps a little!! Good luck.

 

[Quigleyandme]

I think, like having children or taking that career break, there is never the right time so you should just go for it.

 

[Cloball]

Totally forgot I get a pay rise in August ?!

 

[IrishMilo]

Apart from any big vets bills that crop up I think the most expensive bit of having a horse is probably the initial few months.

Purchase price, cost of vetting (think my last one was about £350), transport to yours if the seller doesn't do it (hire is about £100), new saddle and fitting if it needs it (£500ish), possible livery deposit + first month, vaccs if they need to be restarted etc. I'd say save double what you think you need and you'll probably come out about right.

I think it's totally doable on a take home of 1.7k though.

 

[millikins]

I did all my sums when I bought our first pony and was within a reasonable area correct. Everyone warned me about the costs, what not one single person mentioned was the TIME they take up, especially if you are DIY or keeping them at home, so be aware you will lose at least 2 hours a day, and that's before you've ridden your beast.

 

[Cloball]

Thanks for the tips guys I'm considering part or full livery atm which is about 60-100 pw about here partly so it's not such a shock to the BF and partly as I occasionally need to go away for work so I'll need services available. Plus I think it's sensible to have that sort of support when starting out.

 

[S.AAnderson]

Thanks for the tips guys I'm considering part or full livery atm which is about 60-100 pw about here partly so it's not such a shock to the BF and partly as I occasionally need to go away for work so I'll need services available. Plus I think it's sensible to have that sort of support when starting out.

If part/full livery is an option then I think that its a great idea. Its good to spend time thinking through finances before, but sounds like you're in a sound position to buy. Good luck with the search

 

[Willow123!]

Hi there,

I’m not sure how to link you to my post on the new riders & owners forum but it wasn’t that long ago - I too asked a similar question.

Obviously situations can vary but I have a take home of £1.7k too and figured that roughly I had around £400 spare for a horse after bills, car finance, mortgage etc. I got a lot of invaluable advice from the more experienced owners on here on hidden costs that I hadn’t even thought of, vets bills excess etc. Might be worth a look?

In the same way that I thought horses will be cheaper after this pandemic, I guess there will also be a lot of loans coming up due to financial difficulties etc so I’m going to explore that further once we’re allowed to.

Not saying it’s not doable as I still think that carefully done I could probably get by, as one person said on my post, horses are more fun when you’re not constantly worrying financially, so I thought I’d wait a few years (amongst other concerns but finance being the big one!)

xx

 

[Cloball]

I will check your post out thank you. I am considering a full loan as well. But most for obvious reason are to stay on the same yard, I tried one locally but it wasn't a good fit for me.
I have had a few bad experiences (and good ones but the bad ones seem to stick) 'part loaning' with owners not being honest about the reasons they aren't riding the horse which also puts me off. I think it's the lack of choice and control over management, but that is just my experience.

 

[ycbm]

I'm afraid I'm going to put a dampener on things and question whether in ten years time you might wish you had waited a couple of years and saved the deposit for a flat/house before buying a horse? Assuming you haven't got that already, of course. The trouble is that once you've got the horse, unless you've got prospects of big promotion or a lump sum coming from somewhere later, you'll be stuck renting forever.

Sorry to be the party pooper, it sounds like you can afford the horse fine if you are happy to rent.

.

 

[Cloball]

@ycbm you make a good point I'm at that annoying age when there is always something expensive to consider. In reality I probably should have bought 5 years ago! I am very lucky with my job I can pretty much rely on a yearly pay rise and career progression. We rent out our flat in the city which works for us.

 

[ycbm]

@ycbm you make a good point I'm at that annoying age when there is always something expensive to consider. In reality I probably should have bought 5 years ago! I am very lucky with my job I can pretty much rely on a yearly pay rise and career progression. We rent out our flat in the city which works for us.

Well it changes things if you already own a property - go for the pony!

We'll need pictures ?

.

 

[Dusty 123]

I bought my first horse completely independent and paid for it care completely buy myself. I was 18 years old I worked really hard for it. It is possible if you really want it and plus you have a property it’s a lot cheaper to have horses at home. I say go for it buy a horse ?

 

[sherry90]

I got my first horse just after me and my partner bought our first home. I kept him on DIY at the time and was earning a little bit less than you are now. It was do-able.
I’m currently in the position to be able to afford full livery as I earn quite a bit more (well until corona virus temporarily reduced it a little!) but we still comfortably afford our lifestyle for now.
I am a big worrier though and have several contingency plans in place if, for example, one of us was made redundant. We have savings and I’d move to DIY to cut costs significantly. He can’t move to grass livery really so I’d struggle to just chuck him out somewhere but I do spend quite a bit on unnecessary things (as I sit looking adoringly at the new *beautiful* leather headcollar that came through the post!) which could also be cut back.
I think costs and care of horses is all relative, you could buy something and assume you’d keep it barefoot to cut costs yet it needs shoeing. Buy a cob because you assume it’s a good doer but actually it needs work. Buy a good doer and need to invest in grazing muzzles, electric tape. Assume you can winter/do 24/7 turnout but the horse needs to be in for some of the year/day and therefore you need to cost in bedding. Costs of hay have fluctuated since I’ve owned horses ranging from £25-£50 a large bale over the years. Weather varies so costs can increase some years more than others. Then of course there are the unexpected vet bills...sigh! And insurance premiums.

The more I type the more I now realise where all my money goes and why we don’t have many holidays ? but it’s definitely worth it. If you want it, you will make it happen. I just make sure I budget and only live within my means. The only credit we have is the mortgage and the car.

 

[smolmaus]

I'm in a similar place as well! About 1.6k takehome and we just bought a house. Well, we will once we are allowed into the solicitors office, so the horse is officially in the 5-year plan! (Unofficially it's a two year plan) I think I could do it right now but the margins would just be a little bit too fine for me not to worry.

It is good to read other these posts and see I'm not insane for thinking its doable. My partner just keeps saying "Its another mortgage!" And hes not wrong!

I think costs and care of horses is all relative, you could buy something and assume you’d keep it barefoot to cut costs yet it needs shoeing. Buy a cob because you assume it’s a good doer but actually it needs work. Buy a good doer and need to invest in grazing muzzles, electric tape. Assume you can winter/do 24/7 turnout but the horse needs to be in for some of the year/day and therefore you need to cost in bedding.

These are the thoughts that are keeping me patient!

 

[sherry90]

I'm in a similar place as well! About 1.6k takehome and we just bought a house. Well, we will once we are allowed into the solicitors office, so the horse is officially in the 5-year plan! (Unofficially it's a two year plan) I think I could do it right now but the margins would just be a little bit too fine for me not to worry.

It is good to read other these posts and see I'm not insane for thinking its doable. My partner just keeps saying "Its another mortgage!" And hes not wrong!

These are the thoughts that are keeping me patient!

Yep when non horsey people ask how expensive they are I usually say about the cost of a second mortgage. And that’s without the extra rugs/tack/headcollars/matchy sets/lessons/clinics etc!

 

[Willow123!]

I will check your post out thank you. I am considering a full loan as well. But most for obvious reason are to stay on the same yard, I tried one locally but it wasn't a good fit for me.
I have had a few bad experiences (and good ones but the bad ones seem to stick) 'part loaning' with owners not being honest about the reasons they aren't riding the horse which also puts me off. I think it's the lack of choice and control over management, but that is just my experience.

Yeah I totally agree with you - I’ve seen some where the yard is just that little bit too far away, or the horse just isn’t right. It’s SO frustrating! I guess for me although we earn the same, I’m actually switching careers in September so I have that added reason not to, but if you’re getting the annual pay rises etc then why not! Perhaps you could buy the horse and I’ll part loan it? ?

 

[Cloball]

My problem is usually the owners are a little bit mad lol

 

[Trouper]

There has to be more to life than work and house maintenance. You need to have something that makes your soul sing, too, so if that is horses - go for it. I would, however, use this time to save as much as possible so that after the purchase and set up costs you have a nest-egg of about 3 months' expenditure to fall back on if things get sticky.
Keep us posted.