Buying your own racehorse is exciting but also a unique investment that has become increasingly popular in recent years. While it may not be an obvious investment option for many people, buying a racehorse can offer you a hobby as well as being the ultimate status symbol.
However, investing in a racehorse will not only cost you a lot of money initially, but there are also additional training costs involved. Here is a look at just some of the expenditures associated with racehorse training.
Just like all other animals, horses need vaccinations and can sometimes get sick, so they will need regular visits to the vets. Racehorses are also more likely to suffer injuries, so may run up expensive vet bills. Vet fees are likely to vary depending on the treatment, but a single injection can start from around $60.
Just having somewhere for your horse to live and eat can cost you a lot of money. This can cost as much as $150 a day and it may cost you more if you don’t have the time to attend to the needs of the horse itself, meaning you may have to hire staff.
One of the biggest costs associated with training a racehorse is having the correct equipment for your horse and its riders. Ranging from protective equipment for a jockey to wear, to equestrian equipment for your horse to practice with, the overall cost of these accessories can soon mount up.
When racing, horses and their riders are often associated and identified by with their own colors and patterns on their racing silks and other additional merchandise. A company such as End Zone Athletics can help you design and manufacture various items related to your racehorse, such as t-shirts and banners.
As well as the cost of employing trainers to help get your horse race ready, you will also have to pay for a jockey for training and races. This can be a costly affair. You will probably negotiate the cost with your jockey, but a well-established and experienced jockey may require a percentage of the winnings if the horse comes in first place.
Horses are not easy or cheap to transport around, and sometimes you will need to travel for training or race days. This cost will be less expensive if you are racing your horse locally, but if you plan to enter your horse into races nationally then you will have to budget a lot more for this expenditure.
It is essential that you get insurance for your horse. This is standard practice for many people who own pets, so it is crucial if you buy a racehorse. Getting insurance can not only help with vet’s bills caused by illness or injury, but it can also cover you for theft or the death of your horse.
While there are many costs involved in training a racehorse, it can be a fun and hands-on form of investment that may end up making you a lot of money if the horse wins.