Buying a farm or lifestyle block
Buying a farm or lifestyle block in Waipā, Ōtorohanga and the King Country: the seven steps
Doug Wakelin, Rural/Lifestyle Sales Consultant, Property Brokers Te Awamutu
Short answer. Buying a farm comes down to seven steps: work out if it's realistic, choose an area, shortlist properties, do your due diligence, make an offer, arrange finance and settlement, then get through the first year. Each step has its own page below. Take your solicitor, accountant and lender in early, not at the end.
The seven steps
| Step | What you're deciding | Page |
|---|---|---|
| 1. Is it realistic? | Budget, equity, income, skills, family | Is buying a farm realistic? |
| 2. Choose an area | Climate, distance, services, farm types, rules | Choosing an area |
| 3. Shortlist | Reading a listing, effective hectares, stock units | Shortlisting farms |
| 4. Due diligence | Title, consents, water, effluent, plans, buildings | Due diligence checklist |
| 5. Offer | Methods of sale, conditions, multi-offer | Making an offer and Methods of sale |
| 6. Finance and settlement | Lender, deposit, GST, possession, stock | Finance and settlement |
| 7. First year | Consents, paperwork, neighbours, support | First year on a farm |
What kind of property are you after?
- Sheep and beef hill country
- Finishing and grazing
- Dairy and dairy support
- Lifestyle blocks
- Forestry and carbon
- Coastal land
Things that apply to every purchase
- Use a solicitor who knows rural titles. Easements, water rights, consents and covenants matter on a farm.
- Tell your lender early. Banks assess farm purchases case by case.
- Don't skip the LIM. See LIM vs PIM.
- Check the rules that apply to you: freshwater farm plans, water takes, effluent, pines and carbon, subdivision.
- Check GST early. See GST on rural property.
- Overseas buyers have extra steps. See overseas buyers.
Listings and contact
See Doug's current listings or get in touch.
Check before you rely on this
General information only, not legal, tax or financial advice. Check with your solicitor, accountant and lender.
Sources
- Real Estate Authority, rural real estate guidance
- PGG Wrightson Real Estate, buying a rural or lifestyle property (competitor guide, read for topic coverage only)
- Settled.govt.nz, understanding the methods of sale