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What's the downside of living in a farmland?

Discussion in 'General Property Chat' started by EN710, 15th Jan, 2016.

  1. EN710

    EN710 Well-Known Member

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    Just came across this - 30km from Melbourne. 10ha, size I can only dream of and quite in drive-able distance to the city. I'm wondering what's the downside though? E.g. are there specific requirements for farmlands that's not applicable to residential?

    115 Kenning Road, Tarneit VIC 3029 - House For Sale - 2012417820

    upload_2016-1-15_13-47-16.png
     
  2. Random Username

    Random Username Well-Known Member

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    Mainly water.
     
  3. EN710

    EN710 Well-Known Member

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    as in need more water?
     
  4. Jennifer Duke

    Jennifer Duke Well-Known Member

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    I just bought 10 hectares in Gunning (pending settlement atm). This plot you have linked is 10 acres though.
    Some of the issues - zoning can be an issue for banks depending on how much you're borrowing. If it's over a certain size the banks also get a bit funny about it depending on how much you're putting down as a deposit.
    The land can actually be semi-expensive to maintain (weed control, council rates) if you're not living on it/have it as a hobby farm. General maintenance can also be intense if you have a lot of smaller dwellings on it, animals etc.
    If it's "actually" a farm, it will cost you a fortune as you're effectively buying the business as well. And running a farm is bloody hard (if you decide to do that) with less and less money in it.

    For some farmland areas where you're on tank water, sometimes you have to pay a fortune to get it delivered to you in a drought.
     
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  5. EN710

    EN710 Well-Known Member

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    Whoops, I'm blind. Just google the conversion. So about 4 hectares ;)

    Just wondering really. I mean, if I can afford it then what would be the reason not to (apart from maintenance....)
     
  6. Jennifer Duke

    Jennifer Duke Well-Known Member

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    No major reason with this block that I can tell... Actually seems just like a nice big block in a rurallish area to me? :) I was living way further out (Melton) when I was in Melbourne and found the commute quite reasonable.

    "Set for potential redevelopment in approximately 10 years time" - is that suggesting you may be able to subdivide it in a decade? What zoning is it given it's currently operating as a farm?

    What's your estimate on the cost/have you called the agent?
     
  7. EN710

    EN710 Well-Known Member

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    Have not called agent, but I might ;)

    Just found this listing near when looking around the land available in around our new estate (yeah, no farmland for now) and wondering if I need to do a buyer's remorse now.

    This land is really close to all the new land releases at the moment.
     
  8. bob shovel

    bob shovel Well-Known Member

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    Still to close to Melbourne ;)
     
  9. EN710

    EN710 Well-Known Member

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    Same distance as my current land to Melbourne. 10 times the size. I can fit my dream pool.
    Darn it!!!!
     
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  10. Jennifer Duke

    Jennifer Duke Well-Known Member

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    I'm no expert, but I have a feeling it's going to be pretty pricey!
     
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  11. EN710

    EN710 Well-Known Member

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    I hope so, otherwise I will cry a bit.
     
  12. bob shovel

    bob shovel Well-Known Member

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    Would you plan to split it up? Its a big block of dirt buy a very nice house!
     
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  13. Jennifer Duke

    Jennifer Duke Well-Known Member

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    Bahaha, if you don't mind me asking - how much did you pay for your home? :)
     
  14. EN710

    EN710 Well-Known Member

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    I don't think I'm planning to buy it (nor afford it, everyone welcomed! I sent an enquiry for price). But If I can just afford to buy half of that in good price, build my own home on it and I'd be a very happy champ
     
  15. Jennifer Duke

    Jennifer Duke Well-Known Member

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    I'd imagine - big guess - it's around $1.5m?

    Let me know if you get a guide from the agent!
     
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  16. EN710

    EN710 Well-Known Member

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    With current build plan+land, about low $500K and small 512sqm land. Still cheaper than a sydney apartment :confused:
     
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  17. Depreciator

    Depreciator Moderator Staff Member

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    Wouldn't you think that when trying to sell that barren rectangle they would have photoshopped a bit of colour onto that grass?
    I don't like the house at all, but I would love some sheds that size.
     
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  18. Jennifer Duke

    Jennifer Duke Well-Known Member

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    That's not bad at all! And you're right - in Sydney you'd be waay out west like I am :)
     
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  19. EN710

    EN710 Well-Known Member

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    My place I think is kinda ouuuttt west in melbourne standard. 30km from city
     
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  20. EN710

    EN710 Well-Known Member

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    "Look at the possibility of what you can plant on it"

    What are you going to put into shed that size?? :eek: