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

Discussion in 'Development' started by See Change, 9th Mar, 2020.

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  1. See Change

    See Change Well-Known Member

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    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
     
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  2. Gen-Y

    Gen-Y Well-Known Member

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

    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.
     
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  3. MTR

    MTR Material Girl Premium Member

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    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
     
    Last edited: 9th Mar, 2020
  4. MTR

    MTR Material Girl Premium Member

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    Sky looks pretty good to me
    gosh how many threads on corona, so much panic on PC
     
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  5. The lucky duck

    The lucky duck Well-Known Member

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    You a medic cliff? If so, safe as houses
     
  6. wylie

    wylie Moderator Staff Member

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    We met with the builder last week. It's going well (apart from already having lost about four weeks to wet weather) and he confirmed where things are coming from. Nothing really from China. Fingers crossed he can keep building and not have any hold-ups with materials in the coming months as things snowball.
     
  7. TazDevil_666

    TazDevil_666 Well-Known Member

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    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.
     
  8. Lizzie

    Lizzie Well-Known Member

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    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
     
  9. Sackie

    Sackie Well-Known Member Premium Member

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    @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 :)
     
    Last edited: 11th Mar, 2020
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  10. Lizzie

    Lizzie Well-Known Member

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    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
     
  11. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    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.
     
  12. wylie

    wylie Moderator Staff Member

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    I had another discussion today with our builder. The taps and bathroom fittings we'd specified are not available but he can get ones that look identical, same warranty, same finish. I've said to go ahead.

    He said he is getting in earlier than he would normally, but wants to ensure a smooth running and no hold ups. I'm going to ask if he's also checking on the kitchen appliances. I know he's ordered some things and they are sitting ready in a warehouse.

    If we cannot have them sitting waiting for us, I want to get in early and get others organised, ordered and ensure they don't hold the build up.

    I think our baths come from China, so I need to follow those up too.
     
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  13. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    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
     
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