Planning Your Farm Sale: Why Time is Your Best Ally
As we approach the end of the busy 2024 farm sales season, it’s time to look ahead to 2025 and start planning for the year to come. If you’re considering bringing your farm to market, the sooner you begin preparing, the better. Allowing ample time for the process can be the difference between a smooth, successful sale and a rushed, stressful experience.
Timing is Everything: The Spring/Summer Advantage
Spring and summer are widely considered the optimum times to sell a farm. The warmer weather and green grass and crop in the ground makes properties more appealing, and potential buyers are generally more active during these months. However, to capitalise on this busy period, it’s crucial to start preparing well in advance. By beginning your preparations now, you can ensure your farm is ready to hit the market when buyer interest is at its peak.
The Benefits of Early Preparation
There are numerous factors to consider before bringing a farm to market, each requiring careful thought and planning. Here’s why allowing sufficient time can greatly benefit your sale:
Tax Planning: Selling a farm often involves significant financial considerations, and tax planning is a critical aspect. Consulting with your Accountant early on will give you the time to explore your options and make informed decisions that could save you a substantial amount of money.
Title Preparation: Producing titles can be a time-consuming process. Engaging with lawyers well in advance will ensure that all legal documentation is in order, reducing the risk of delays when you’re ready to sell.
Marketing Strategy: A quality marketing campaign doesn’t happen overnight. Time allows for strategic planning, including how best to package your property, whether it be selling the land in lots or upgrading residential properties to maximize their appeal. We’ve seen firsthand in 2024 how a well-planned marketing strategy can lead to successful outcomes for our clients.
Strategic Considerations for Farm Sales
When preparing your farm for sale, several key decisions need to be made:
Residential Property Upgrades: If your farm includes residential properties, consider whether upgrades or renovations could increase their value. Enhancing these properties can make your overall offering more attractive to potential buyers.
Packaging the Land: Deciding how to package and present your land is crucial. Should you sell the property as a whole, or lot the land? This decision can impact the overall sale and may require time to consider the best approach. Separating houses and cottages from the working farm can be challenging, but with careful planning, it can be done in a way that maximises value.
Understanding Buyer Priorities: While residential properties can be a significant selling point, it’s often the land and outbuildings that drive buyer interest. Understanding what buyers are looking for in your area will help you tailor your offering to meet market demand.
Start Planning Now for a Successful 2025 Sale
The earlier you start planning your farm sale, the better positioned you’ll be to achieve a successful outcome. Whether it’s engaging with Accountants and Lawyers, strategising your marketing campaign, or making decisions about property upgrades, time is your best ally. By taking the necessary steps now, you’ll be ready to enter the market at the optimal time and attract the right buyers.
For more information about Bell Ingram’s Farm Sales service, contact our Head of Farm Sales, Malcolm Taylor, on 01307 462516 or email malcolm.taylor@bellingram.co.uk.
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Malcolm Taylor
Senior Partner, FRICS ACIArb
Rural Land Management
Tel: 01307 462 516
About: Malcolm is Bell Ingram's Senior Partner and heads up the company's Forfar office, where he specialises in farm and estate management, including the provision of agricultural rental advice and acting as an expert witness. He is the immediate past chairman of the RICS in Scotland and remains actively involved with the Institution. Malcolm is also head of Lettings within Bell Ingram. Interests: AMC Agent, Corporate Estate Management, Rural Land Management, SRDP Applications, FRICS Registered Valuer.