First National says victims of Australia’s recent spate of natural disasters should delay making major decisions until they have had time to recover both emotionally and physically.
According to First National, home owners should start by talking to their local real estate agent who may have some helpful tips on where to go for assistance, how to renegotiate loan arrangements or other options they may not have considered.
These tips may include things such as:
· Finding out if there is a council buy back scheme for properties in ‘disaster’ zones, and if so, whether you are, or may be eligible now or some time in the near future
· Banks and other mortgage providers may be prepared to provide interest holidays or other financial relief
· Tenants and landlords should review their rights by visiting the respective residential tenancy authorities in each state
· Recent home buyers who entered an unconditional sale contract may also have options depending on the definition of ‘habitable’ or ‘not habitable’ in their contract
· Wait for the market to recover - based on past experiences, there is often an initial reduction in home prices following a natural disaster event, but prices have been found to mostly recover within 12 months.
· Review and update insurance cover to ensure the property is protected from similar disastrous events in the future
· Look for discounted services and goods, which can generate significant savings for today and the future such as non-profit building and construction companies like Architecture for Humanity, www.flooddiscounts.com.au or bargain-priced wood, steel, aluminium and tradespeople.
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