So. I inherited land

Ghost Buster

Hi.
My wife has inherited 11 acres of so so land. We have zero interest in farming it so our options are to sell/ lease it to a farmer which could bring its own head aches. What options are there for selling it to Coillte or similar such groups. Any advice?

Oldtree

You could look at retaining the land, getting it planted and fenced via a grant, get an income for a number of years, and then harvest it to get a pension. Would you have to pay capital gains should you sell the land plus lawyer fees?

http://www.agriculture.gov.ie/forestservice/grantandpremiumschemes/
http://www.agriculture.gov.ie/forestservice/forestservicegeneralinformation/

You could speak to teagasc for advice/guidance

http://www.teagasc.ie/contacts/office_locator.aspx
http://www.teagasc.ie/contacts/forestry_services.asp

or/and get Greenbelt or some such company to visit and give you advice/guidance:
http://www.greenbelt.ie/

crackcrack30

IF its good land it may fetch enough money at auction to buy four times the amount of marginal land that would be suitable for forestry.....the minute it is planted its value will decrease from what it could be potentially worth as grassland or tillage land.

mikefoxo

Personally I'd just sell it. You hear some horror stories with leasing (though I suppose you only ever hear the bad ones!!) Nice lump sum, pay off the mortgage, have a bit left over for any emergencies

Oldtree

if it is inherited family land, I would hesitate to sell it. It is an asset and can be borrowed against if necessary.

TomOnBoard

Ghost Buster wrote: »

Hi.
My wife has inherited 11 acres of so so land. We have zero interest in farming it so our options are to sell/ lease it to a farmer which could bring its own head aches. What options are there for selling it to Coillte or similar such groups. Any advice?

Coillte or similar won't be interested, as it is too small. If the land is good agricultural, renting it to a farmer is a good bet (in conjunction with your solicitor ensuring your agreement with the farmer does NOT bring headaches) and hold on until our poor blighted (by politicians and bankers) country picks itself up a bit and land prices improve. Never sell at the bottom of a market!

Be careful of planting it under a grant scheme- once its planted, you have earmarked it as non- agricultural for ever.

If its marginal land, plant away and enjoy the premia. Buy a few dogs and walk it often, feeling like the person of great stature that you will have become.