Woodsman said:A friend owns a small farm (10a plus house) in the BMW region. She has three small children, no debts and an income of 20k pa plus the the usual dogs, chickens and goats. She needs to purchase somewhere for her mother to live and would like to buy a nearby 12 acre holding plus house which is on offer for 150k. She cannot get finance anywhere. The 12 acres could produce app 2.5k pa. Mother can put 30k in to the kitty. Is there any way she can finance this purchase? Or should she be even considering it?
Has the daughter considered building the mother her own living quarters ( subject to pp ) ie an extension to existing building but with separate entrance? A 500 sq ft ( size of a one bed. apartment ) extension would cost a fraction of the 150k outlay you are talking about.Woodsman said:A friend owns a small farm (10a plus house) in the BMW region. She has three small children, no debts and an income of 20k pa plus the the usual dogs, chickens and goats. She needs to purchase somewhere for her mother to live and would like to buy a nearby 12 acre holding plus house which is on offer for 150k. She cannot get finance anywhere. The 12 acres could produce app 2.5k pa. Mother can put 30k in to the kitty. Is there any way she can finance this purchase? Or should she be even considering it?
demoivre said:Has the daughter considered building the mother her own living quarters ( subject to pp ) ie an extension to existing building but with separate entrance? A 500 sq ft ( size of a one bed. apartment ) extension would cost a fraction of the 150k outlay you are talking about.
Woodsman said:Would you want to live with your mother?? I know it sounds unkind but sometimes love survives best when seperation is assured. I think in this case mother and daughter would be both happier near each other but not in each others hair so to build on her own holding is not an option. To purchase a site would cost 70k and this makes the purchase of the house plus 12 acres look attractive.
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