Value of a farm?

Hi Folks,

Just wondering if anyone would have a view on the likely value of a relation’s farm in Co Westmeath (near Mullingar).

The farm is a little over 80 acres, currently in grass. It has a late-1970s bungalow, which needs some updating and some old outbuildings. The farm has about 300m of road frontage, with the house set back about 100 metres from the road.

In the event that my relation decides to sell, is it best just to go to a local auctioneer? Any recommendations in the Mullingar area?

Cheers,

Interesting question and although I don’t have an answer here’s a bump in hopes that someone else might offer an opinion.

I’d post on boards farming forum if I were you. Just don’t ask them about SCD semi-d’s

Value depends mostly on how many neighbours there are with the wherewithal to purchase it.
Agricultural land isn’t like a house or an investment property.
Things like quality of land, road frontage, farmhouse, gravel deposits, etc… have a bearing but the main determinant of value is the number of neighbours who want it.
A good EA with local knowledge will maximise it’s value assuming that he is working toward your interests rather than the purchasers.

Irish Farmland is a horrible asset class.

If you are close to anywhere that land was compulsorily purchased you might be able to shake a few shekels out of the farmers in the locality.

Thanks for replies and suggestions. I’ll investigate Boards. I think there may be some neighbours who would be interested. Clearly good local advice needed.

I’d guess €5-7k per acre + an additional €60-€100k for the house and buildings? Somewhere between €460-€660k. My 2 cents.