Corona , Can't put life on hold , going ahead with Development .

We recently signed a contract to build a property with the aim of moving towards retirement sooner than later .

The cooling off period occurred when the news was looking worse re Corona Virus .

To pull out or not ? That was the Question .

Worst Scenarios - End of the world apocalypse etc ? Doesn't really matter , as that will be the last thing we'll be worries about .

Minor slow down , again won't really matter

More likely scenario , Recession , problems with building supplies etc , Builder goes broke ...
I think the government isn't going to stand by and watch large segments of the business world go under , people will tighten their belts banks will put on hold interest payments , wages will be cut , We'll eat less food ( ? rationing ) loose weight and possibly come out healthier . People will cut their expenses so they can get through and will it will be very disruptive and painful , but we will get through this . Building will be delayed , possibly for many months , but we can cope with that as long as we stay healthy . Have good cash reserves .

Unlike many professions there will still be a demand for Doctors . ( we did well during the GFC ) . Financially we will get through and when we get through to the other side , we'll be a couple of steps closer to a comfortable retirement .

So we're going ahead .

Cliff

 

LOL good work Cliff.
You see the best of every situation.

I am about to get my own build process going in the coming months.
When the people calls for the sky is falling, I say wow it looks so pretty.

 

good choice go ahead

We survived ebola, swine flu and will do same with this

I am starting my 3 villa development, signing with builder when I get back from
Tassie. Not giving it a second thought

 

Sky looks pretty good to me
gosh how many threads on corona, so much panic on PC

 

You a medic cliff? If so, safe as houses

 

It really is a case of having to wait and see, Many variables that can go so many ways. Everything from blowing over reasonably quickly to sustained multiple wave pandemic, short term economic hits with rebound to long term market and sector impacts. Actions and reactions. Control what you can and react calmly to developments.

Wishing you good luck with it all.

 

Merry with architect today ... most products Australian made so no probs there (support local) ... we sold the farm, now unconditional, so we'll either have a huge lump of cash or not so huge but still tasty deposit in 5 weeks

 

@See Change i'm just about to sell a development and demolishing in a few weeks to start a new one. You can't put life on hold forever. I think forging ahead will be the best approach. I have always found it to be uplifting to make progress in life and it somehow usually works out. If everything turns to **** in the world, wont matter any way. So at least you get to have some fun starting a new project. Sit back, relax and enjoy a cold Corona

 

hahahaha - oops - Meet with Architect today ...

Stoopid mobile autocorrect ... anyhow ... in the same vein, we're working our project in stages, and paying cash, so that it can be paused at any stage without ill effect

 

I think you're going in with an open mind and clear expectations that there may be some delays and you will roll with that which is great.

In the past 2 weeks we've had to rechoose rangehoods and stone as some shipments from China haven't arrived but alternative similar products were available and it just meant some hunting down and chosing to make sure they go with items already chosen/installed.

 

It's a guess. The illness will stop and the economy will rapidly rebound. Maybe in some areas not all. Lenders and others will be disjointed. Who knows. Property values for new builds could crash