Once you are familiar with the outgoings of being an owner, you will have to decide what sort of owner you want to be, because there is a choice. You can race a horse on your own, or with family or friends as partners, or in a larger group called a syndicate. Naturally, the more people involved, the less your outgoings will be. Having decided on your preference, the next consideration is the method of ownership. You can do it one of two ways - to own a horse outright, or to lease one.
Outright ownership means buying a horse.
Most do this when the horse is a yearling, usually at an auction, or a weanling, which is just a few months old, usually from a breeder. Some will wait and buy a going horse, which means one that is racing or not far off racing or competing at a trial meeting. The latter two options will provide you with the earliest opportunity to actually see your horse racing. We shall talk about the best ways to buy a horse next. The second option is to lease a horse.