If you've been paying attention you know that the global economy has been in a slump for the past few years, and Australia hasn't escaped unscathed. Though the recovery is coming along, many people are still struggling to adapt. It seems too many are buying properties with the old economy in mind, and in the process making poor financial decisions. There are many economic pitfalls to buying a property, but a quality property coach can help buyers avoid most of them.
The Current State
Just one year ago repossesion orders were down, with 614 writs of possession issued in the final quarter of 2011 in New South Wales, down from both 2010 and 2009 (Property Observer). However, less than 6 months later in March 2012, the total number of repossessions orders filed had ballooned to 2955, on track to hit a record 3940 by the end of the 2011-2012 financial calendar in July (Sydney Morning Herald).
Home owners are actually struggling now more than they were at the height of the Global Financial Crisis. Many find they can't meet their mortgage repayments, and the end result, of course, is a forced home sale.
The Benefit of a Property Coach
A property coach could have prevented many of these unfortunate foreclosures. The property buying experience is tough and it's easy to get blinded by attractive features, so it always pays to have a second set of eyes on the situation. A quality property coach can work with a buyer, taking into account his or her budget and wants, to find a property that will be both desirable and financially viable. Property coaches are specialists in helping people avoid the poor financial decisions that so often result in foreclosure.
The first six months of the 2012 calendar year were particularly rough for Australian homeowners, but that doesn't have to be repeated this year. More and more properties are getting foreclosed upon because not enough people utilised all the resources available to them during the buying process. If more people had taken the time to meet with a trained property coach before they committed to buying, there would undoubtedly be fewer foreclosures today, and fewer tomorrow as well
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