Will Langmead, Landed Estates & Farms, speaks to Farmers Guardian about how the location of the farmhouse when relocating or buying extra land to maximise value.
Having the farmhouse located as centrally as possible on the land they own could make a purchase more appealing to a range of buyers, including other farmers and those looking to make a lifestyle purchase. According to Will, historically farmers had lived relatively close to the entry point of the farm, with access being the most important consideration. But putting the farmhouse in a more central location could add value to the property at the sale.
Will said: “The main residential property is a big part of a farm’s value – think carefully about who might be buying the farm. Farmers would prefer to be in the middle of their own land. For a lot, it is about control; for some, it is about seclusion.”
He said it was a generational change, with people relocating farm buildings or the farmhouse as it may make more sense to group them together for the business.
When people were doing this, Will said they needed to consider all things which may add value. But, he acknowledged this may depend on the ability to acquire planning permission, with considerations needing to be made for it.
He urged people to try and make the farm as appealing to as many potential buyers as possible, rather than just doing the same thing because they ‘have been farming there for six generations’.
“Keep one eye on the holistic capital values,” he said. “You may be able to farm a bit more land,” giving the example of farmers who had been offered the opportunity to farm more acres elsewhere.
It is a ‘heads-up’ that farmers need to take a long-term strategic view of their estate’s value. “A lot is being said about the future of farming with the agricultural transition and all the changes which are happening at the moment. Not having any forethought about a large part of their estate value is short-sighted.”
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