How to make best use from a farm i don't live on

M

muchmore

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Hi there,
I have inherited a farm in the west of ireland- about 10 acres arable land, moderate condition. i am not wanting to plant it with trees as i don't want state agencies like coiltee getting involved. i currently rent it to a sheep farmer for 250 euro a year.

what other options do i have for making money off it? i could rent thegrass to locals for making silage- but how much can i expect to earn?

thanks
MM
 
Do you mean you currently rent the land for just 250 euro for the lot or are you getting 250 euro per acre? If you lease that 10 acres to somebody on a 5 to 7 year lease then you wont have to pay any tax on it , even if you have a job yourself.
 
If you were to choose the Forestry option, you certainly would not have to use Coillte. Other Forestry Contractors would take the job on, plant it and ensure there aren't any further problems. You might be entitles to a Forestry Premium for 15 years.
 
Land rents for about €100 per acre, very good land a little more and poor land a lot less, so it depends on the quality. You also need to consider that the fencing, gates etc may be poor and if you want to rent it to the highest bidder you may need to spend a lot to get it up to standard. It is important that you sign a lease each year and ensure the farmer vacates the land for a period each year or he might claim squatters rights in time. Any local auctioneer would give you good advise.
 
declanja said:
It is important that you sign a lease each year and ensure the farmer vacates the land for a period each year or he might claim squatters rights in time.
Click to expand...

A person cannot claim squatters' rights unless they have been in occupation of the property without the consent of the owner. If they have paid rent to the owner then they are there with consent.
 
1)Is it in a suitable area for renting it out for allotments ?
2)Would you rent it out to a farmer for him to produce crop off it ?
3)Is their any shopping centres near by - where you could provide parking in one of the fields ?
4)What about annual events that are run all around the country - like the "run a muck " challenge. They use land and produce a track for people to run around it and get dirty. Maybe some event like this might have an interest to use your land.
5)What about any outdoor local field events - like musical festivals - is their any that you can chase to see if they are interested
6) what about installing some wind turbines on it and feeding the electricity back to the ESB
7) [broken link removed]
 
Several of alexandra123's suggestions will require planning permission and investment.

So long as we're going lateral, have it tested for oil or gas.

ONQ.
 
Regarding my advise re risk of squatters rights, some farmers like to pay cash and consequently an owner might have difficulty in proving theyt actually did receive rent. I think my advise re getting a local auctioneer on board still holds.

As for lateral thinking I think a gold mine would be best in these uncertain economic times!
 
The owner could issue receipts or a lease at the start.

Squatters rights are notoriously difficult to prove, any paper trail at all showing how the occupation began with the consent of the owner would likely suffice.
 
Mercman called it right. You can plant it without Coillte involvement - and come out with more than your getting in rent right now...then still have the value of the timber ultimately. There's very little outlay - and there's peace of mind - as whilst there is 'some' work to be done from time to time, it's minimal - and can be scheduled in to suit your own plans.
 
thanks for all your advice, folks- it's always best to be aware of the potential for squatters rights and break the do something traceable every 11 years to restate your ownership to rule out the possibility.

i think i might just set trees on alot of it myself and watch them mature and leave it to the grandkids to enjoy, sell, hack down or maintain as they wish...
 
The forestry option is clearly the best. No need to even talk to Coillte!!! But do get a good honest private forestry consultant to advise and oversee the planting and maintenance which can be done by any of the many private contractors. Apply to the Forest Service (your consultant has to do this for you) The grants will cover the total costs of the trees, planting, fencing and maintenance for the first four years. You will also get a good tax free premium which will be better than rentiing for grazing and after that you have a very valuable asset.
 
Woodsman is it necessary to have local council formal approval for deciduous tree-planting? The land in question is in poor heart not having been farmed for a decade.
 
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