Do your homework ahead of time. Be realistic with yourself on your experience and skill level, what you hope to do with your next horse, and how much time and resources you can devote.  If you want a young horse but don’t have time to train him or ride him frequently, can you afford to pay a trainer to get him going under saddle or pay someone to ride him and keep him going under saddle?  If not, maybe you should look at a horse with more training. 

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Pros of raising your own
- You will learn through the experience and gain a greater understanding of the way horses develop from foal to adulthood. If baby-rearing process itelf appeals to you, this is a pro.
- You'll know the animal you raise really well, and won't have to wonder about his/her past.
- You won't be correcting someone else's mistakes (but you may be faced with cleaning up your own mess).
- If you're careful in your selection, you can maximize your changes of getting the adult riding horse of your dreams.
- If you own your own horse property and can do your own training, it might be more cost-effective than buying a made horse (if both conditions are not true, you'll be very very lucky to break even).

Cons of raising your own...
- It is probably not going to be cheaper than buying an under saddle three year old.
- Will you have a horse to ride while you're waiting for this baby to grow up?
- You get to do the starter vaccinations (expensive), the first trailering (scary), the first tying (dangerous), the first shoeing (test your relationship with the farrier!), etc.
- Foal insurance is more expensive than regular insurance.
- Raising a baby can be dangerous -- both horse and owner are put at risk.
- Good bloodlines are not a guarantee of the quality, temperament, or suitability of your horse. 

- They should be well handled. Even then weanlings can be unpredictable at times as they learn their own strength.
- If you don't take an interest in your baby horse, it's a long wait.
- Babies have special needs in terms of turnout, pasture mates, feed, etc. It can be hard to find a boarding facility.

Important points to consider before buying a horse  –
•Keeping a horse is expensive. The purchase price is usually the cheapest part of horse ownership. Scroll to end of article for check list of expenses.
•All people in charge of horses have a legal responsibility to care for them. This can be a 7 day a week, twice-a-day job irrespective of weather conditions or other commitments.
•Horses cannot be maintained in good health just on any old block of vacant land. Many such blocks are weed-infested and poorly fenced with little edible grass, or they lack an adequate water supply, shade or windbreak protection.
•Owning a horse is emotionally demanding. They are living, sentient creatures which are easily injured, sometimes with devastating consequences especially for young owners. Riders and handlers are also subject to injury.
Horse welfare legislation 
Any person who owns or is in charge of horses has a duty of care to provide –
• adequate and edible feed and potable water
·      safe accommodation appropriate to normal behaviour
·      hoof care, grooming and rugging suited to climatic conditions  – overrugging in hot weather is a serious welfare contravention
• a work load which does not cause injury, excessive stress or exhaustion
• handling/riding/driving methods and equipment which do not cause pain, injury or excessive stress
• prevention, control and prompt treatment of injuries, illnesses and diseases
Feed and water 

Grass
Non-property owners commonly keep their horse(s) in a paddock owned by someone else and pay an agistment fee. This fee is normally much less than having to handfeed the horse on a smaller area, or pay for a stable and yard or even full board in an equestrian centre.  However, if pasture is inadequate or becomes inadequate in an agistment paddock, the horse will still have to be handfed daily. 
Grains, pellets and mixes (“concentrates”)
Concentrates are high energy feeds used for working horses but are also safe and economical to feed to non-working horses if introduced slowly and plenty of quality grass or hay is also available. Grains (oats, barley etc) are often processed by flaking, crushing etc to improve digestibility, but should be discarded if there is a musty smell or any sign of mildew. Rice and rice derivatives are popular as a ‘cooler’ (lower energy) concentrate feed. High protein meals (e.g. soybean) are used in rations for growing horses. 
Roughages
Lucerne (alfalfa) hay has high levels of protein, energy and calcium and can be stored for a long time without losing its nutrient value. Good hay has a pleasant smell, is soft and leafy with fine stalks. Unlike cattle, horses cannot handle coarse hay, it is false economy to buy it because it is cheaper. Oaten and wheaten hay and chaff, grass hay are medium energy roughages but are very low in protein. Always judge the suitability for horses by the coarseness of the stem.  Chaff is merely chopped up hay, though the best quality hay is usually used. Weatherproof and vermin-proof storage is required for all feedstuffs. 
Water 
Water is essential for life. Requirements range from 20 to 50 litres/day depending on activity, ambient temperature and moisture content of the feed. A hard-working horse can lose litres of water per hour as sweat.  Except in certain rare diseases, there is no such thing as a horse drinking too much water, an adequate supply must always be available.  Paddock horses might have direct access to dams, creeks etc. Alternatively, town or bore water, or water pumped from rivers, creeks or dams can be connected to self-waterers or troughs controlled by a float. Small dams should never be relied on, they can quickly become non-potable before drying up completely. Water troughs need regular checking and periodic cleaning. They can spring a leak and float valves often malfunction. 
Some important handfeeding principles
• in nature, horses spend 16+ hours a day grazing. Stabled horses or those without access to grazing should always have hay available to prevent stomach ulcers, irrespective of whether concentrate/chaff mixtures are also fed 2 or 3 times a day. 
•feed to condition – not too fat or thin.
•the first suggestion of ribs showing means the horse needs supplementary feeding.  
•do not make sudden feeding changes, particularly if switching from a high concentrate ration to a mainly roughage one – the gut bacteria need time to adjust to the high cellulose content.
•always reduce concentrates by half on rest days.
•coarse hay with little leaf has low if any nutritive value for horses.
•urea is toxic for horses – do not let horses eat straw/urea mixtures given to cattle.
•horses conform to a peck order. If feeding a group, ensure all get their share.
Accommodation 
Paddocks 
Unless local councils stipulate otherwise, a paddock suitable for horses can be any size from 2500 m2 upwards, but the bigger it is and the fewer the number of horses (low stocking rate), the less will be any need to handfeed in a normal season. Also the worm problem will be much reduced. A paddock needs to be a reasonable size is if it is the only place to ride. 
All paddocks need shade (trees or a shelter shed) and even more importantly, windbreak protection. They should not be entirely on the side of a hill with no level areas. Rubbish must be regularly picked up, also manure where feasible (in yards and smaller paddocks) to aid in worm control. Paddock horses should be checked daily if possible, they have been known to die of thirst from a malfunctioning water supply or from being caught up in paddock hazards, slipped rugs, or loose wire or fences. 
Fencing
Being flight animals, horses are prone to injuries especially in fences, with barbed wire being notorious,  but plain wire as well if it is not kept tight. Star pickets (steel posts) are very dangerous unless capped. Poorly designed gates can cause as many injuries as the worst fencing. Post and rail fencing (timber or look-alike vinyl) is expensive but the safest in small areas. Electric fencing is suitable in some situations but needs to be used with caution for horses until they get used to it. Fencing must be secure. Not only might an escaped horse get hurt or killed, but if he causes injury to others or damage to a vehicle, the owner may be liable.
Stabling
Horses are animals of the open plains in nature and much prefer not to be stabled at all. But if they have to be confined, the basic area requirement is 12 m2 per stable. Stables should have plenty of natural light and ventilation and must be kept clean and dry with adequate bedding – cleaning a stable is a twice-a-day job and hard, dirty work. 
Being social herd animals, horses should not be kept for hours in a stable without the company of some other living thing, preferably another horse which they can at least see. They must be fed, watered and exercised a minimum of twice a day. Hay in safely hung nets or racks should always be available to prevent stomach ulcers and aid in counteracting stereotypic behaviours (stable vices).
Hoof care, grooming, rugging
Hoof care
Hooves should be regularly examined for foreign objects and injuries and cleaned out with a hoof pick, especially before and after riding. Check shoes for looseness and to ensure they have not shifted onto sensitive parts of the sole. Shoeing is not necessary if horses are only lightly ridden on non-stony ground. Exponents of barefoot systems, e.g. the Strasser system, believe that correct trimming can eliminate the need to shoe at all. Regular shoeing, even regular hoof trimming by a qualified farrier, is quite expensive and needs to be done every 6-8 weeks. 
Grooming
Grooming removes dirt, tones the skin and stimulates the oil glands. Always groom in the direction of the hair with long even strokes. A suitable routine is – 
•rubber curry comb to remove mud. Be gentle, particularly over bony prominences. It is also used to clean the other brushes.
•rubber glove (e.g. groom-mit) used firmly to remove loose hair and dust.
•dandy brush or tail comb to straighten mane and tail and remove minor tangles.
•soft body brush to remove the rest of the dust. Use it all over the body, interspersed with swipes on a dampened towel to clean it.
Note: The sensory hairs or whiskers around the muzzle should never be trimmed, nor should the long hairs (feather) at the back of the fetlock. All serve a purpose.
Rugging
The adage is: “Buy feed for your horse in preference to a rug”. It is not necessary to rug healthy horses used for pleasure riding if they have thick winter hair coats. But old, unwell and thin horses will benefit from rugging at night in winter or on cold, windy days. Clipped horses also need appropriate rugging. A good quality, waterproof rip-resistant paddock rug is expensive, but anything less is not worth buying. A properly fitting and shaped rug will not rub the shoulders. 
Rugging does improve the appearance of horses for show purposes, but this should never be at the expense of their welfare. Horses cool themselves by radiating excess body heat from their skin surface and by the evaporation of sweat. These processes cannot occur through an impervious rug and the horse will overheat, which can lead to serious health and welfare problems beyond mere discomfort. Unless it is a very cold overcast day, heavy rugs need to be removed in the morning and replaced at night. There are many types of lightweight, breathable rugs that can be used during the day to protect the coat for show purposes if required. 
Hoods left on paddock horses are potential death traps – they can  come loose and blind the horse or be stepped on, or pull so tightly that they prevent grazing, not to mention the rubbing and discomfort caused.
Routine health care 
Teeth
By 6 years of age, horses have 12 permanent incisors top and bottom in front and 24 large grinding molars at the back. There is a canine top and bottom, mainly in males, in the gap between the incisors and molars on each side. Young horses require teeth checks every 6 months or so or whenever there is evidence of a dental problem. Older horses should be checked at least yearly, or more frequently if there is quidding, feed spillage, hanging on the bit or other behavioural problems which may indicate mouth discomfort. It pays to employ a qualified equine dentist or vet because a great deal of damage can be done through incorrect procedures, particularly overrasping.   
Vaccinations
Tetanus and strangles shots are given to foals from 3 months of age. Tetanus is 2 injections 4-6 weeks apart, strangles is 3 injections 2-4 weeks apart. Annual boosters are required, especially tetanus. Strangles vaccination does not give 100% protection and is not always administered. A tetanus antitoxin shot is wise in addition to vaccination if the horse suffers an injury.  
Worming
The main worms in adult horses are the large and small redworms (strongyles), with small redworms being a bigger problem nowadays because of resistance to wormers. Bots, tapeworms, pin worms and stomach worms can also cause trouble. Roundworms infest the foal-to-yearling age group. 
There is no difference in efficiency between stomach tubing, oral paste administration or liquid worming. Oral pastes are the easiest to use, always read the instructions carefully and dose accordingly. Avoid overtreatment. Faecal worm egg counts can be done by a vet to accurately monitor worm burdens so that unnecessary treatments are not given. Overuse of chemical wormers is expensive and hastens the development of resistance. The worming chemicals (not just the brand names which may be the same chemical) should be rotated to help prevent resistance developing. 

Control measures that will decrease dependence on chemical wormers include — 
•           pick up manure where practicable. 
•           keep the stocking density to a minimum.
•           harrow paddocks to break up manure.
•           rotationally graze with other species – cattle, sheep, goats.
•           feed hay up off the ground. 
•           general hygiene in stable and yard areas. 
•           bot eggs can be physically removed.

Check list of horse ownership expenses 
1.Safe accommodation for the horse, including adequate water supply.
2.Feed and feeding costs. Include feed storage facilities and containers. 
3.Purchase of the horse – always get the help of a competent, independent horse person before making the final decision, then get the horse vet checked.
4.Halter and lead, grooming equipment, maybe a good quality paddock rug for winter. Other lighter rugs depending on intended use of the horse.
5.Bridle and saddle appropriate to type of riding and competence of rider.
6.Transport costs – paying someone else to transport the horse, or hire or purchase of a float or truck.
7.Hoof trimming or shoeing every 6-8 weeks. Shoeing is a specialist job. Trimming requires a good level of competence and the right equipment.
8.Vaccination, worming, teeth care.
9.Emergency veterinary costs – illness, injury. 
10.Other saddlery – a vast, expensive array is available, often purchased unnecessarily.
11.Riding apparel – depends on type of riding. Must include helmet and proper boots.
12.Qualified riding instruction is a worthwhile investment for beginners. Or membership of a pony club or riding club.