While we are all experiencing some challenging times with the spread of the coronavirus, it’s quite understandable and also ok to be experiencing what we’re calling CPPE – the coronavirus pandemic procrastination effect (expression stolen with permission (so not really stolen haha) from a lovely client of ours …). Quite the mouthful ! But it’s definitely a thing ! You are worried about your job, you’re worried about you’re partner’s job … your job is safe for now, but your friends are losing their jobs, you’re worried about the after-effects of the economy etc etc. We could go on all day about all the legitimate reasons that there are to put off making any financial decisions whatsover for the next few months.
What we do know for sure is that at some stage all of this upheaval around the Coronavirus will pass, there will be dried pasta and handwash on the shelves in the supermarket again, and you won’t have to take it in turns with your partner to go and visit your friends.
Everything will settle down and world economies will recover, albeit slowly. And while we don’t want to revel in anyone’s misfortunes of course, many will rue the opportunities missed when the recovery is in full swing.
It really is tough to make these decisions now, when you’re in the moment, and it’s hard to envisage life and conditions post-pandemic. If you were around as an adult to experience the GFC then you’ll remember that you probably thought back then that things would NEVER be the same again and life as we knew it was over and the markets would never recover etc etc.
But it’s exactly now that we / you need to think about this and take action. We will be reeling from the effects of the coronavirus outbreak for quite some time, and that’s exactly what many of us don’t have – TIME.
Remember that there are all manner of reasons you will find to put off looking after your financial futures, in short to wait and see what will happen before making a decision; everything from the global financial crisis, to the GST being introduced, from the Sydney Olympics, to Brexit, from President Trump’s latest tweet, to it being the wrong kind of weather … seriously !
And here we have another one that can be added to the list – the Coronavirus !
So are you suffering from The Pandemic Procrastination Effect ?
Is it yet another reason to wait and see before making a decision. While perceived political and economic uncertainty can definitely be unsettling, we would suggest that if you look hard enough there will ALWAYS be a reason you can find to NOT plan your financial future and take action. And perhaps there are lessons to be learned when there are such sweeping impacts happening around the world. Because the world always recovers. Just when you think that it never will, it does. We absolutely appreciate that fear is real to many of us, and it’s not easy to be brave but at the end of the day, if you buy an investment property in an area where there are strong growth drivers and strong demand and a growing population AND you hold on to it for long enough then it will perform for you.
The What-Ifs in life are many and varied, and we are not saying throw caution to the wind and then don’t sleet at night …. but once this all over, don’t let Coronavirus outbreak be the next reason you cling onto to not do this and regret it in a couple of years time when you find yourself thinking “darn it … should have done this years ago !”
Call us on 1300 077 766 – if you would like to talk to specialised buyers agents to help you buy your next home or invest in property.