Buying Horses

Get advice about buying or selling your horse, tack etc. NOTE: PLEASE DO NOT PLACE CLASSIFIEDS HERE - USE THE EQUIMARKET

Moderator: EC

Buying Horses

Postby luvr » Tue Jul 26, 2005 8:00 pm

#ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl#I've never bought a horse and I don't think I'll be able to soon but being as excited as I am to go back to lessons in the fall I have some questions about it. I might know some of the answers to these questions but just to be sure I'll asked the experienced.#ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl##ed_op#/FONT#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl#Are there taxes on horses? Are there always contracts? Are lawyers involved (and lawyer fees)? Approx. how much are the vet checks you probably should do before you buy? Anything tips or things a newbie buyer should know?#ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl##ed_op#/FONT#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl##ed_op#EM#ed_cl##ed_op#STRONG#ed_cl#*#ed_op#/STRONG#ed_cl#edit#ed_op#STRONG#ed_cl#*#ed_op#/STRONG#ed_cl##ed_op#/EM#ed_cl# What is there taxes on? I understand there's vet fees, farrier fees, boarding fees, feeding feed, lessons etc. What has taxes on it and what doesnt? Does everything have taxes on it#ed_op#IMG src="http://forums.equestrianconnection.com/richedit/smileys//smiley19.gif"#ed_cl# ? But like if you're boarding from someone and they ask $250/month or whatever is that what you pay or do they somehow charge taxes as if it's a business? I don't see how that would make sense unless they board horses as a commercial business but I don't think I've heard of that. I'm confused.#ed_op#EM#ed_cl##ed_op#STRONG#ed_cl#*#ed_op#/STRONG#ed_cl#end edit#ed_op#STRONG#ed_cl#*#ed_op#/STRONG#ed_cl##ed_op#/EM#ed_cl##ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl##ed_op#/FONT#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl##ed_op#/FONT#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT face=Verdana size=2#ed_cl#Like I said, I doubt I can afford a horse anytime soon but I do want to expand my current knowledge as much as possible because I just can't get enough horse info in there! And I'm excited so reading info passes the time (when I have some extra time to pass).#ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#/DIV#ed_cl#
luvr
Newbies
Newbies
 
Posts: 23
Joined: Tue Jul 19, 2005 12:20 pm
Location: Canada

Postby chenders01 » Wed Jul 27, 2005 11:21 am

#ed_op#DIV#ed_cl#Well...in most cases, yes, taxes are applicable on services.  Anyone who runs a business and makes $30,000/year in profit is required to collect and remit GST.  If it's just a small, private barn, they often don't make that much of a profit so they don't charge the GST.  But if the barn is larger, they do.  When you're enquiring at various barns about boarding, ask them if their board price includes the GST or not.  #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#Same goes for vet and farrier fees.  In most cases, they will charge you the GST.  #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#Most people don't pay the taxes when they purchase a horse...but again, it depends on who you're purchasing it from.  If it's just a private person, usually it's just a cheque or cash changing hands, so there's no real "record" that a transaction took place...meaning it's pretty easy to hide it from a tax auditor.  If you're buying from a lesson or training barn, you may be required to pay the GST to the seller.#ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#I'm not sure what you mean by "contract".  Yes, you should always get a Bill of Sale to show that the horse has passed hands.  I've never heard of anyone using a lawyer though...maybe for really expensive show horses...#ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#As far as vet-checks, yes, in most cases, you should have one done, particularly if you don't know the horse or its history.  Things can turn up in a vet-check that the seller had no idea about.  It's a "peace of mind" thing for me, to have it done.  The price for vetting will vary, depending on how extensive of an examination you have done.  It's the x-rays that are expensive, and not every horse needs them.  Usually the vet will tell you whether x-rays should be done or not.  When I bought my 12yo OTTB, I had x-rays done, but when I bought my 4yo Paint, who had lived on the seller's farm her whole life, I didn't bother with x-rays.  The vetting on my TB cost me around $500; the vetting on my Paint was around $200.00.#ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#    #ed_op#/DIV#ed_cl#
User avatar
chenders01
Friends Of EC
Friends Of EC
 
Posts: 5425
Joined: Sun Apr 11, 2004 8:21 am
Location: Canada

Postby Sodapoppers » Fri Jul 29, 2005 10:33 am

#ed_op#DIV#ed_cl##ed_op#FONT color=#0060bf#ed_cl#Holy crap Chenders, you paid up the wazzoo for Dali's vetting vs. Tequila's! #ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT color=#0060bf#ed_cl#Just to add, if you buy from auction also, you will be paying GST on it.  Chenders is right, the bigger barns usually charge taxes. I am lucky in that my taxes were already a part of the quote I got...but the actual 'boarding' barns around this area do charge taxes. If you want to avoid that, find a private farm willing to take cash.#ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl##ed_op#FONT color=#0060bf#ed_cl#As for newbie tips, when looking at a horse to seriously buy, it is a wise choice to go visit the horse more than once before making your final decision. I was kinda risking picking out my two but they were just meant to be I guess. If i were to ever go out to buy another horse for a decent amount of money, I would be very cautious and visit more than once to make sure it wasn't just an 'on' or an 'off' day for that particular horse. #ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl#
. ·'´)
¸.·´¸.·´¨) ¸.·*¨)
(¸.·´ (¸.·´ ¸.·´
¸.·´¸.·*`·-»
Grab Life by the Sodapoppers
User avatar
Sodapoppers
Friends Of EC
Friends Of EC
 
Posts: 5056
Joined: Wed Aug 27, 2003 12:01 pm
Location: Grab Life By The Sodapoppers!

Postby chenders01 » Fri Jul 29, 2005 11:48 am

Sodapoppers wrote:#ed_op#DIV#ed_cl##ed_op#FONT color=#0060bf#ed_cl#Holy crap Chenders, you paid up the wazzoo for Dali's vetting vs. Tequila's! #ed_op#/FONT#ed_cl##ed_op#/DIV#ed_cl#
#ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#Well, yeah.  Dali, being older and an ex-racehorse, required a much more comprehensive and thorough vetting than Tequila did.  It was the x-rays that drove the price up, with Dali.  But I definitely would not have bought him without getting those x-rays done.  Nobody wants a lame horse, or one with underlying problems that *could* cause it to go lame in the future.  I figured that it was money well-spent.  #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#I actually had Tequila vetted *after* I bought her.  I probably didn't need to have her done at all but there can sometimes be underlying issues that no one (including the owner) knows about.  For instance, there could be lameness issues that only a flexion test will show.  Or vision problems that no one knows about.  Or anything, really.  #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl#
User avatar
chenders01
Friends Of EC
Friends Of EC
 
Posts: 5425
Joined: Sun Apr 11, 2004 8:21 am
Location: Canada

Postby zooka » Fri Jul 29, 2005 12:01 pm

#ed_op#DIV#ed_cl#when looking at boarding I know a lot of barns just add the price in what they are asking.  So they will say for example $450 inl GST.  Vet checks are very important and when possible get a vet that you either know or one that is not associated with the barn.  That way you get the best check with no biases going on.#ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl# #ed_op#/DIV#ed_cl##ed_op#DIV#ed_cl#Contratcs are a good idea because then people have a written agreement of if something happens what they will be liable for and what not.  AI have never had lawyers involved in buying a horse but if you want to be very careful you could...  The best would be to have an experienced friend with you when you buy the horse to tell you what you should be asking and what you should do.#ed_op#/DIV#ed_cl#
User avatar
zooka
Friends Of EC
Friends Of EC
 
Posts: 6586
Joined: Mon Jun 06, 2005 12:48 pm
Location: Ontario, Canada


Return to Advice on Buying & Selling

Who is online

Users browsing this forum: No registered users and 5 guests

cron