Horse or House?!

[Bluepepper]

Hi all,

Just looking for some insight from you lovely people here about whether I should own a house before I buy a horse. I'm currently renting, and considering buying for the first time after wanting a horse of my own for the past 20 years. It isn't lost on me that I'm in an incredibly fortunate position to even have this problem/question given the current state of the world.

The response I've had from most of my non-horsey friends and family is that it would be most sensible to get a mortgage first. This just seems so out of reach for me - I'm quite happy where we are and the idea of buying a house seems incredibly daunting & something I don't really care about that much? I can comfortably afford to care for a horse, but it would impact my ability to save money as quickly. Am I massively overthinking this? What would you do?

Thanks in advance!

 

[mini_b]

Could you afford to buy a house then get a horse?
I’m not sure why it’s either or as outgoings for a horse is like a second mortgage anyway.
so whether you are renting or buying outgoing would surely still be same?

unless you were wanting a fixer upper situation then I understand.

 

[paddy555]

a horse without question but a reasonably economical breed of horse. Sometimes you can just leave it too late and you get too old when you get your first horse. Best to get in as early as possible.

If (and hopefully you won't) you die in 5 years time how would you feel with the same question?

 

[Amun]

I think it depends on your own preferences. Personally I always needed to have a security of my own home, I genuinely hated to live in a rented place - so I pushed everything expensive to the times "after" as we were saving up. But I know a lot of people don't have this feeling. Will buying a horse ruin your chance to get a mortgage? If not and mortgage is still a distant goal anyway, why not? Especially if getting a horse is your dream for the past 20 years. You will be saving up plus having all the fun

 

[Bluepepper]

Could you afford to buy a house then get a horse?
I’m not sure why it’s either or as outgoings for a horse is like a second mortgage anyway.
so whether you are renting or buying outgoing would surely still be same?

unless you were wanting a fixer upper situation then I understand.

It's more the saving up for a house aspect of it - you're right, the outgoings are the same (probably less even!) But I don't have enough savings under my belt to put down on a decent house currently. I do however have enough financial security to care for a horse

 

[ester]

With required deposits increasing faster than I was earning I figured I probably wouldn't manage to buy a house anyway so had a horse and we did stuff and for some of that time I rented a flat on the yard too.
A couple of years after he retired I had some inheritance and did use it to buy a house rather than another horse - much to my horsey friends dismay lol. I was 35ish by then.

 

[chaps89]

I'm early 30s and have had horses since my teenage years. As such I haven't been able to save enough for a deposit and therefore can't buy.
The sensible thing to do when I next find myself without a horse will be get the house sorted then the next horse. (In reality who knows, but that's the plan anyway)
I don't know how old you are OP but between me and my OH (who is nearly 40) if we leave it much later we may struggle to get a mortgage/will be having to pay it off beyond an age where we would want a mortgage to pay too.
It is something I do wish that with the benefit of hindsight I had saved up for sooner - even if I hadn't bought any earlier, to have the funds in place and got myself in the position to buy when I was ready (I've moved alot so couldn't buy until we'd worked out the right location anyway) is something I should have done, I could have then enjoyed horses in the meantime anyway.

How about putting away the money you would spend on a horse for now? You'll build funds quicker and also know that when the time does come to have a horse of your own you can afford it as you've essentially been paying the same amount of money already.
Could you share a horse in the meantime too?

Sorry, boring grown up answer here from me!

 

[Kizzy2004]

Tricky one. Renting is dead money so you’re probably paying off someone else’s mortgage. At least with a mortgage you are paying into something you eventually own outright.

Personally I had a break from horses when I had my daughter and brought a house and shared or rode friends horses to get my fix and then got my own again a couple of years later. Not quite the same as having a dream of owning as I’ve had them growing up but for me it was worth the investment

 

[muddycloud]

Personally for me, a house. By renting you are paying someone else’s mortgage, so why not pay your own mortgage and own it as an asset/investment. The mortgage repayments ‘should’ dwindle over the years whereas that won’t happen with renting - you’ll always pay the same, high price each month.

I bought a renovation project, so cheaper and we’re slowly doing it up over the years ending up with a nice house with a not so big mortgage. Which now means - pony shopping for me! Though, COVID has that on hold for now as viewing horses isn’t essential ?

 

[Lipglosspukka]

House. Stop paying someone else's mortgage. Just find something to ride for now which I always managed to find for free easy enough.

 

[Translationsneeded1]

A house. It normally appreciates in value (unlike a horse in 99.9% of the time!) and gives you security. It’s an asset.

 

[dogatemysalad]

House definitely.

 

[ownedbyaconnie]

I bought my horse and a year later bought my house. As someone said above get an economical horse. I bought a 14.1 connemara pony. She’s barefoot, unrugged, I spend £40 a year on feed which is less than someone horse owners spend in a month! I can leave her for weeks and hop on without her freaking out.

But I already essentially had my house deposit ready so having a horse didn’t make too much difference. Otherwise I would do house first. Makes your life much easier later on.

 

[Errin Paddywack]

I would go for the house. I was never in a position to consider buying a house and only have one now because mum died and my siblings kindly let me have the equity from her house to buy my own. The relief of having my own house and no mortgage is immense.

 

[mavandkaz]

House for me.
Renting long term just makes no sense financially, it's just throwing away money (yes, so is owning a horse but at least it belongs to you).
I bought a house as soon as I was able - was lucky enough to buy at a time when mortgages were easier to get, so bought my first house at 22.
My mortgage is much less than what I would have to pay in rent for the equivalent property, so can now put that money into the horse

 

[ycbm]

House with no doubt at all. Ride/hug/muck out someone else's horse.

 

[Not_so_brave_anymore]

House first, every time for me. Especially if we do have a bit of a housing slump this year (feels inevitable after the unexpected crazy prices of last year) that would be a perfect time for a first time buyer to get onto the property ladder.

Sorry, I forgot where I was for a minute. I meant, buy the horse! Always buy the horse! Buy a spare! And a youngster! ?

 

[TheMule]

Life is too short. But the horse, enjoy it, carry on saving for a house. Sensibly bought and managed, a horse should not dramatically affect what you can afford

 

[mini_b]

Life is too short. But the horse, enjoy it, carry on saving for a house. Sensibly bought and managed, a horse should not dramatically affect what you can afford

that’s what I told the husband before I got the damn thing ?

 

[splashgirl45]

i got my horse and was renting, really struggled to save for a deposit and finally managed to buy a run down property when i was 45, its not fun having a mortgage so late in life and because i had horses until i was 72 i re mortgaged so i had a decent quality of life. i still have a mortgage and pay interest only and will do until i die or go into care., not ideal but the best option for me to get my property as good as possible...... also mortgages are more difficult to get now and they usually want a breakdown of your expenses to make sure you have enough disposable income to pay the mortgage so you may be better to get on the housing ladder first..

 

[Frumpoon]

Horse no question

 

[Evie91]

I’d say may depend on your age. Assuming you are early twenties, then maybe horse first; have some fun, whilst you have few responsibilities,renting gives you flexibility to move- different areas/jobs etc and save a little at the same time.
Then you could reassess a few years later and decide whether you want to change priorities.
With horses you rely on being fit and able. I’m very conscious I may not always be able to ride. I don’t/can’t do now what I did years ago riding wise- ive lost my nerve with age and not as flexible as I used to be, not all things not working the way they should! So pleased I started young! Then again horses ive had have been money pits- due to job requiring full livery and I like a certain standard of horse care, so struggled to save- as I was paying the equivalent of a mortgage every month to keep horse!
BUT I don’t regret the horses I’ve had, the enjoyment they give me - needs to be a reason why i work so hard!

I should add I share a horse currently- i was finding I was paying for horse to be cared for and ridden apart from a couple of days a week due to pressures of work. So costing a fortune for stuff I’d like to have done myself if I had the time. So current arrangement works v well- may be worth considering

 

[DirectorFury]

House, without question. You might find that the cost of maintaining a horse will impact on any affordability calculation, which will further limit your house budget as banks will only lend what they calculate you can afford, minus existing obligations.

 

[scats]

House.

That’s coming from someone who is yet to get the property ladder due to making ridiculous decisions over the years to have lots of horses. I feel like a very big life failure as a result.

 

[Barlow]

So I put horse before house - bought my first horse mid twenties and was renting in London. Fast forward a decade and I have only just bought my first house. I didn’t realise it until I bought the house but not paying someone else’s rent and instead owning my own place is incredibly liberating and really is a game changer. Definitely go house then horse.

 

[awelshandawarmblood]

House is the sensible decision.
Do not do as I did, have one horse from my late teens (which I still have) which made saving up harder & a lot longer, then just as you have a deposit together for a house, spend a chunk of it on a youngster as you get fed up house hunting . . . .

 

[Michen]

I guess it depends how old you are? I’m 29 so I’m not overly bothered about owning a house yet and am happy just enjoying my current place and still feeling a bit “free”. I’d certainly choose horse over house if it came to it.

That said I could buy if I wanted, I’m just choosing not to at the mo for various reasons (mainly I adore where I live and it’s very unique). And to mortgage the same value of house (which I could just about do, but would need more deposit) would cost a huge amount more in repayments than the rent I’m paying, oddly enough.

 

[Crazy_cat_lady]

I now have the benefit of hindsight, and if speaking to my younger self would have said house first then look into horse.

However I don't think I'd have been advised when I was younger as I so wanted a horse

It definitely put back when I could move out, got my first mortgage with OH last year, at 29!

If I was single, I would still be living at home, obviously I put in to the deposit but being with someone made it more affordable, without the horse it would have happened earlier

Definitely buy not rent, stop paying someone else's mortgage and you won't be able to save as much as some rent is more than a mortgage

Maybe im just saying this as someone who's fallen out of love with horses, I still have one who ill keep until he dies/ needs pts, hes 22 now, but won't be getting another, yes I have the house but I'm now wanting different things in life eg in a couple of years time I'd like to start thinking about trying for a baby (though after hearing what nursery costs it actually makes horses look cheap, I nearly died when someone told me the fees!! ?)

I always said I'll have lots of horses and no children ?

If you're late teens I'd perhaps say horse, but a few years down the line what you want may change, while I always wanted my own horse, I always ignored the costs, it was only when adding them up when seeing a mortgage advisor it really hit home just how much potential deposit was going on the horse.

Like I say I may be saying this as someone who's fallen out of love with horse ownership, I think the cost was a massive contribution to this, the time drain, the fact my priorities and goals in life are changing and various other factors.

I don't know what I'll do when I don't have my own. I may walk away completely for a bit. I don't know how I'd feel about sharing as I'm used to having my routine for him, it would upset me if the owner wanted different! I'd possibly treat myself to the occasional "experience" I'd love to get a hireling and go out with the bloodhounds and ride on the beach again (I can't do any of this with mine as he won't box) and maybe try western etc

 

[Pmf27]

House, then horse.

Renting is such a waste of money if you are financially able to own your own home. My OH and I are currently renting but have been actively house hunting since pre-Covid, sadly the market has gone absolutely crazy so every house we have seen that we liked went very quickly.

I think for many people (I certainly include myself here) buying a horse - with all the regular outgoings that come with one - would make it difficult to afford to buy a house. But buying a house first means that, before too long, you could have saved enough to buy a horse.

 

[ycbm]

Life is too short. But the horse, enjoy it, carry on saving for a house. Sensibly bought and managed, a horse should not dramatically affect what you can afford

How do you work that out Mule? It will likely cost thousands to buy and kit out, thousands a year to keep, assuming no huge vet or training bills.

So that's thousands to start and thousands every year not being saved towards the house, or what am I missing?