If you are going to buy a horse, you would just need an average of $3000 to be able to make the purchase. But that is simply to buy the horse, what would really cost you is taking care of it. You would need at least $100,000. That is why it is often a waste to hold back on spending a little bit more to buy the horse you really want when the purchasing price is only 5% or even less of what you will spend to own the horse.
If you are taking an interest in owning a horse, you should be aware of the costs it will entail:
1. Using a professional stable will normally be around $250 to $1000 per month. This amounts to $3000 to $12,000 each year. Doing this for 20 years would give you a total of sixty thousand to a quarter million dollars.
2. If you own a stable, you would be able to save a bit. But you will still need storage facilities for hay, saddle, bedding, tack and other necessities. Purchasing bedding and hay will also cost you at least $100 or more every month. Your horse will also need salt and minerals and the use of water and electricity, which will cost at least $40 every month. You will also need to commit to the daily work done in professional stables which will take at least half an hour everyday to complete the basic tasks.
3. You will need to pay veterinarian costs too. Horses must be inoculated at least once a year, de-wormed three times a year and would also require a dental checkup once a year. All of these would costs around $200 to $300 each year. In the case that your horse would get sick, medical costs could amount to $200 to $8000 for basic treatment to corrective surgery.
4. Your horse’s hooves will also need trimming every 2 months, which costs $30 every time. If you are also getting shoes, that would cost an additional $30. If you ride your horse regularly, shoes are definitely a requirement. In general, farrier costs would amount to $360 each year.
5. In some countries, third party accident insurance is required legally. Aside from this, you may also want to insure on other terms like death, theft and incapacitating illness. This insurance would cost $40 for the basics.
6. Equipment will also cost you. The basics needed to ride your horse would be a saddle, tack rugs and your own clothes for riding. You will need at least $2000 for this basic set and you should be prepared for costs of repair of replacement too.
7. There are also other miscellaneous costs like horse sprays, cleaning solutions, fly sheets and other items which could amount to $200 to $300 each year.
As a whole, to keep a horse, you would need at least $2000 (if self-stabling) or $4000 (using professional stables). Of course in the case that your horse gets ill, you can expect your expenses to double. You will also have additional costs in using your horse, like training and competition.
It is wise to consider how much you will spend to keep and care for a horse over a long period of time before you even purchase one. The buying price is only the beginning. If you find that these costs are too much, you can consider other options, such as sharing ownership of a horse.
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