How COVID-19 Is Impacting Property Developers
When we talk about COVID-19 and the property market, most conversations have been around the limitations on open-homes, viewings and auctions. The restrictions of being able to inspect properties or do maintenance in the context of a real estate agent and renter, buyer or seller situation.
But what about the industry responsible for creating these dwellings and the myriad other properties that house our stores, offices and more?
Property developers have, to date, been out of the spotlight thanks to construction remaining an essential service throughout the COVID-19 restrictions. Thankfully, this is still the case, and with restrictions easing in many states, that’s not likely to change. But what will the impacts of COVID-19 be to the property development sector in the long-term?
To offer some insight, we turn to realestate.com.au, the Australian Financial Review, and the Australian Prime Minister to capture their sentiments on the market.
Recovery Sentiment is Down
In March the AFR surveyed property developers, managers and agents to assess their impressions of the property market at present. Michael Bleby reported that: “The property industry had been expecting a recovery in home-building activity from the second half of this calendar year… [However] Market expectations of a further 2.7 percentage point tightening on prime asset cap rates in the previous survey have been replaced by an average 9.2 percentage point gain in cap rates over the next 12 months, suggesting strong falls in asset values.”
Challenges to Come for Off-the-Plan Properties
In a recent article by Cameron Kusher, Executive Manager of Economic Research at realestate.com.au, he states:
“Stimulus and interest rate cuts have made it a very cheap time to build and buy – but construction activity is likely to be impacted by self-isolation measures, and the shutdown of display suites could create challenges in selling off-the-plan.
These challenges will include what happens when buyers have been stood down but are still technically employed due to the Job Keeper scheme. This is an unprecedented situation, and property developers are going to need to speak with lenders to determine how best to navigate this; trying to settle with people who are in employment limbo.”
Low Interest Rates Leave Nowhere to Go
Another challenge for the property development sector is that, as Michael Bleby of the Financial Review points out, “Interest rates are already at a record-low 0.25 per cent, giving the Reserve Bank of Australia no ability to cut 425 basis points from the cash rate – as it did in just eight months from August 2008 in response to the GFC – to stimulate housing and consumer spending.”
Government Backs Property Development and Construction
Thankfully, it seems that the Government is backing the industry, with Scott Morrison publicly stating that “Government stimulus through infrastructure spending would be crucial.” And that “State and federal governments needed to maintain this momentum, to allow construction to keep functioning and play the stimulus role that would help lift the economy out of the coming recession.”
Kusher at realestate.com.au echoes optimistic sentiments, saying: “At the moment, people are scared they’ll get sick and can’t go about their everyday lives. But once people can start to go about their everyday lives again, confidence will rebound rapidly, and that will be pretty positive for the housing market.”
All in all, the current conversations about the property development sector are still speculation and where it goes will depend a lot on how things unfold with the economy post-COVID-19. It’s certain that we are in for some tough times, but with restrictions lifting and many businesses able to function despite restrictions, there are many reasons for property developers to be optimistic about the future.
Finding an aspirational home during Covid-19
Aspirational homes are those that tick all the boxes and during Covid-19 isolation, you’ve probably had plenty of time to reflect on your dream home. A survey conducted by market research group Harris Interactive and Toluna revealed self-isolation and home quarantine has promoted Australians to reflect on their current living arrangements and the changes they would like to make once life returns to normal. While life is yet to return to normal, the time in self-isolation gives Australians the opportunity to search for their aspirational home.
What makes an aspirational home?
Your aspirational home may be a large prestigious home with a swimming pool and a tennis court, or it may be a small heritage cottage. Australians are a diverse bunch and their aspirational homes reflect that. Head of ME Bank home loans, Patrick Nolan, says Australians often look for an aspirational home that reflects themselves. “According to ME research, more than half – 53 per cent – agree that a home is a way to express ‘who they are’ – more important than other types of self expression, such as type of job (44 per cent), hairstyle (40 per cent), fashion (36 per cent), or car (34 per cent),” says Nolan.
Time to do your research
Property listing websites such as Realestate.com.au and Domain have adapted to the changes in the real estate market prompted by Covid-19 social distancing restrictions which include a ban on open homes. The sites have added digital inspection features to their websites, including agent-filmed video walkthroughs of properties.
When doing your research, it’s important to take the time to find a home which has the features that you really want and need. Not only do you have the time to search for a property of your dreams, you also have time to reflect on what’s important for you and your lifestyle. If self-isolation has made you crave a large backyard or being within walking distance from the beach, it might be time to follow that dream.
You’ll also need to consider the fact that your aspirational home might not be in the suburb you currently live in. Look beyond the popular suburbs and be more open to affordable locations that offer your dream home features. ME’s research found that 79 per cent of Australians said that their concept of a dream home has shifted over time so it’s important to consider the features you want your aspirational home to have in the future too. Factors such as the cost of housing, the level of maintenance required, as well as changes in family size and personal taste will affect the home you purchase.
High end market prices falling
The Coronavirus pandemic has shaken up the real estate market with social distancing restrictions preventing the traditional form of buying and selling a home country-wide. Many real estate experts predicted the housing market to experience price falls during and post-Covid-19 as a result of these restrictions, and it’s clear that the shift is starting to take place.
CoreLogic expects that nationally, house prices will fall around 10 per cent, but prestige housing markets are already slowing the most. Quarterly gains across the top quartile of the market reduced from 6.6 per cent late 2019, to just 2.4 per cent over the three month period from February to the end of April. However, this reduction isn’t reflected in the middle-lower portion of the market. For example, Melbourne’s upper-quartile market fell 0.8 per cent in April while the lower-quartile and middle of the market continued to record a subtle rise in values in the same period.
With falling house prices in the upper end of the real estate market and ample time to research, now seems a good time for Australians to start searching for their aspirational home.
How COVID-19 Impacts a Deceased Estate
COVID-19 restrictions have undoubtedly turned our world upside down. There are the obvious social distancing practices which we must all obey when it comes to conducting our daily lives — including the viewing and sale of properties. And in many cases there is a domino effect of impacts, causing delay and disruption to the items of business we have no choice but to continue to conduct.
In the case of deceased estates, executors of these estates may be having a particularly tough time making the necessary arrangements, but unfortunately delaying the process and waiting for COVID-19 to pass isn’t an option.
What’s Impacts Has COVID-19 Had on Handling a Deceased Estate?
While there are no legal changes as a result of COVID-19, there are many ways that COVID-19 impacts executors and beneficiaries:
- The number of people able to attend funerals has been restricted
- Travel is restricted
- Law firms are minimising in-person meetings
- Access to the estate may be impacted if the executor is inter-state
- The number of people able to access the estate is restricted
With all of these restrictions, the biggest challenge for the executor of a deceased estate is prompt action. Overstepping legal deadlines can leave the estate vulnerable to challenge by family members or others, so responsibilities must continue to be met, regardless of limitations currently in place.
How to Execute Your Legal Responsibilities While Obeying COVID-19 Restrictions
Take action quickly in preparation for delays
Considering the logistic challenges that may be faced with meeting the appropriate people, and then viewing the estate and preparing it for sale — if that is what’s to be done — action should be taken quickly to get the wheels in motion to ensure that legal deadlines are met.
Anything that can be done virtually, should be done virtually
While it’s frustrating and distressing not to be able to gather family and meet professionals in person, the current national advice is that anything that can be done virtually, should be done virtually. This means family meetings should be taken via video conference or telephone and meetings with financial or legal advisors should also be conducted over the phone or video call.
Obey social distancing and appropriate restrictions for in-person matters
Part of the process, viewing the estate and readying it for sale, is going to require someone physically on the property and may even require the help of tradespeople, cleaners, family members or others to get the property in order. In most states, a maximum of two people are allowed on-site at any given time. This doesn’t include the executor – or family living on the property.
Consult your local real estate agent for advice
Despite the COVID-19 restrictions, real estate sales are still being made, and agents have adjusted to following the rules while keeping the process running for those looking to buy and sell. If you plan to sell the estate, consult with your local trusted agent to find out what that process will look like so that you can adequately prepare and make arrangements.
To avoid any risks, both of COVID-19 spread and getting in trouble with the Government, check the advice in your state as soon as you are aware that you will need to make these arrangements. Then follow this advice and keep an eye out for any changes.
Downsizing your home during Covid-19
The Covid-19 pandemic has thrown a spanner in the works of real estate, but it hasn’t cancelled buying and selling property altogether. While mass open home inspections and on-site auctions are now banned across most of the country, and the process of buying a house has had to adapt to social distancing rules, your plans to downsize don’t have to be put on hold.
Is downsizing the right move?
Downsizing comes with many benefits which include freeing up money to pay off your mortgage, making it easier to maintain and keep your home clean, having the opportunity to move into a more convenient location and lowering insurance and utility bills as it’s cheaper to heat and cool a smaller property. According to a report published in February 2020 and conducted by the Australian Housing and Urban Research Institute, more than half of Australians over the age of 55 are open to downsizing, providing they can find a suitable home, so it’s important to do your research before settling on a downsized home.
Can I downsize during the pandemic?
Despite social distancing restrictions across the country, you are still currently allowed to inspect a property online, book a private property inspection, purchase a property and move into a new property. If you’re planning on downsizing in a different state or territory, the current social distancing rules do not prevent you from making that move. You are also still able to hire removalists to help you move as they are still considered an essential business.
Searching for a downsized home
It makes sense to use the time you have in isolation to search for a perfect home. While inspecting a property has to be conducted differently during the Coronavirus pandemic, virtual inspections have been making up for the ban on mass open homes. Video walkthroughs, 3D tours and virtual meetings with agents allow you to inspect a property as you would in person, without leaving your home. If you do still want to inspect the property in person, you can request a one-on-one private physical inspection. Prospective buyers in Western Australia will now be able to attend open homes which have just been given the green light as social distancing restrictions begin to ease across the state.
Impact on Age Pension and government benefits
Older Australians may have their pension or government benefits impacted on when downsizing their property. Your eligibility for the Age Pension depends on the value of your assets and the income you receive. Your home, if you live in it, is not included in the assets test, however, if you decide to sell your home, your pension may be impacted. The proceeds you earn when selling your home are exempt for up to 12 months if you plan to use them to buy, build or renovate another home. Then, they are assessed in the income test and may affect the amount of government benefits you get. If your income or assets are above certain limits, your pension payment will be reduced, or you may not be eligible at all. For more information on how downsizing may affect your Age Pension or government benefits, visit the Money Smart website.
Before you downsize your property, speak to a financial adviser about how it will affect your pension or government benefits and consult a legal professional to oversee the sale and purchase of property.
How Growing Families Can Upsize During COVID-19
With COVID-19 measures in place, looking for a new home now comes with some extra challenges. Physical open homes and auctions have ceased in many states, and on the outside, it may seem like all things have come to a halt. But just because the country is on lockdown, it doesn’t mean that people should put their lives on hold.
In the case of growing families, the need to upsize the family home doesn’t go away when a pandemic begins to spread. Children continue to be born, and the elderly continue to need to move in with their loved ones when they reach a particular stage in their life.
Here’s how to upsize, while dealing with the measures of COVID-19:
Get on the List for Off-Market Properties
There may be fewer advertisements and open homes online, but that doesn’t mean that there are no homes available. In fact, many sellers and real estate agents are now focused on off-market sales; where sellers allow real estate agents to represent the home and strategically contact known buyers who fit the right profile to match the home for sale. If you’re not known to the real estate agent, you won’t be on that call list.
Find an Agent You Trust
When the majority of listings are going through off-market channels, you’re going to need to find real estate agents that you trust and are comfortable giving them information that you would have withheld in usual circumstances, such as your budget. To be notified of relevant properties, you will need to give this information, so be sure to do your research first and only put your name down with real estate agencies that you resonate with and feel comfortable they understand and will look out for your needs.
Consider Online Auctions
While in-person auctions are no longer an option, many real estate agents will continue holding auctions online where prospective buyers can register and bid online for homes they are interested in purchasing. Again, it’s advised to work with agents that you trust to be made aware of online auctions and discuss the process.
Not all available homes will be inhabited by the person who is looking to sell the property. In many cases, the homes may be rented and tenants today have the option to refuse inspections if they have vulnerable persons (the elderly and those with respiratory illnesses) living at the property. Try to be patient and flexible to work with the limitations COVID-19 measures are dictating. It may be that only one person can view the property in a private viewing, or perhaps you may need to consider a video or virtual inspections.
Expect Delays and Interruptions
If you do find the perfect home, chances are you’ll plan to buy furniture and do renovations. These are becoming particularly challenging with regard to ordering and receiving deliveries as there has been an increase in delays with the delivery of furniture and fittings. To avoid wrestling with international shipping limitations, try and buy from Australian suppliers. When it comes to renovations, you will need to check if tradespeople are currently allowed to enter your home. In NSW you are able to have only two tradespeople on the property at any one time, but these restrictions are prone to change, so the smartest approach is to regularly check the current restrictions applicable in your state. Your agent should be able to help you with this insight.
As people continually demonstrate their versatility throughout this pandemic, the real estate market continues, with just a few changes, to make sure that growing families can find, view and buy the perfect home to suit their expanding life.
Relocating for work in Australia under Covid-19 measures
Relocating for work during the global Covid-19 pandemic is still possible, but there are new measures put in place that you will need to navigate to help prevent the spread of the Coronavirus.
Can I still move interstate for a job?
Yes, at the moment you can still relocate across state and territory borders, however, you may need to spend some time in quarantine following the move. Each state and territory has their own measures in place to prevent unnecessary travel across state lines. For example, if you’re entering Tasmania or the Northern Territory, you will need to prove your status as an essential traveller before you will be granted an exemption from the mandatory self-quarantine period of 14 days. In some cases, you may also need to fill in an arrival form to be allowed to enter. Western Australia requires each case to be approved individually. For the most up-to-date information on Australia’s state and territory border restrictions, visit the Australian Interstate Quarantine website.
Finding a new home
Each state and territory also have their own rules and restrictions when it comes to buying or renting a property. Mass open homes and on-site auctions have been banned Australia-wide, however, real estate agents are still able to help you inspect properties digitally, via virtual video tours, 3D models and live streaming appointments and meetings from the property. You can also still request a private inspection of a property in which social distancing measures and personal hygiene practices apply. The number of people allowed to attend a private inspection vary from state to state. For example, in Victoria private inspections can only take place between two people (yourself and the real estate agent) and when an occupied house is empty. Any auctions must be conducted online or over the phone but private sales are still conducted in the same way.
Hiring a removalist
Moving house, or office, is still on the Federal Government’s “reasonable” excuses list. However the industry has also added new measures to adapt to the social distancing restrictions and help prevent the spread of the Coronavirus. A new form of contactless delivery has been adopted by removalists. This includes avoiding personal contact with removalists and instead providing them with a map of where things are to go prior to the move or taping the floor before they arrive. You will also be advised to do most of the packing by yourself to avoid the contamination of surfaces. Removalists are also being taught to practice the highest levels of sanitation measures and conduct thorough cleaning of the property and the moving truck after a move.
Am I entitled to any tax relief?
If you are currently registered as an eligible job seeker with a jobactive provider, or if you are currently receiving an eligible income support payment such as the Newstart Allowance or Parenting Payment, you may be able to claim up to $9,000 to relocate for work in Australia. The Australian government’s relocation assistance package is designed to help you move away from home to take up an ongoing job. The assistance package can be used to cover up to two months’ rent, rental bond and connecting utilities, removalist and travel costs, and some employment-related expenses.
Working from the office
Employers and employees each have rights and responsibilities to avoid spreading the Coronavirus. Employers may ask that you work from home or limit the time you spend in the office to do this. The Federal Government’s official advice is that any work that can be completed from home, should be. If you do need to work from an office or workplace, social distancing measures and personal hygiene practices should be followed. For more information and advice about your rights and responsibilities while working during the Covid-19 pandemic, visit the Australian Fair Work Ombudsman website.
While there are extra measures put in place to protect you when relocating for a job in Australia, they’re not impossible to navigate.
Interest in Sea Change Grows Amid COVID-19
With social distancing and isolation part of every Australian’s way of life now, some are looking outside of cities and suburbs where space is more abundant and the lifestyle is more relaxed. According to CoreLogic, since as early as the mid-2000s, nearly 80 per-cent of people changing from city to regional areas have been under the age of 50, dispelling the myth that people making a sea change are predominantly retirees or baby boomers.
Why a sea change is more appealing now
Currently, most Australians can only leave their house for a limited number of legitimate reasons, including to exercise, to shop for necessities, to care for someone, and to work or study where it can’t be done online. Many beaches across the nation were also closed to discourage unnecessary visits but some beaches remain open when they provide somewhere for locals to exercise. It’s likely that being trapped inside has made many Australians reconsider their lifestyle choices and opt for a seaside lifestyle retreat.
The appeal of a sea change is obvious in South Australia, where despite the Covid-19 pandemic, house hunters couldn’t resist a beachside character home in Hove. Dozens of prospective buyers booked private inspections before the property went to auction. Selling agent Samuel Paton, of Ray White Glenelg/Plympton, told RealEstate.com.au that there were between 20 and 30 private viewings of the three-bedroom house and six offers made prior to auction, more interest than anticipated. The property went on to sell in an auction held online.
It’s not just South Australia where interest in sea changes is increasing. In New South Wales, marketing agent of LJ Hooker Byron Bay, Liam Annesley, told RealEstate.com.au that he had noticed an increase in inquiries for beachside properties in Byron Bay from Sydney and Melbourne buyers in particular, following the outbreak of the Coronavirus.
Can I make a sea change now?
Despite social distancing restrictions put in place on the Australian real estate market in light of the Covid-19 pandemic, prospective buyers are still currently allowed to book private physical property inspections, inspect a property online, purchase a property and move into a new property. Even if your move is interstate, the current social distancing rules do not prevent you from making that move.
Should sea changers be waiting for prices to fall?
According to CoreLogic, as the Coronavirus situation unfolds, it is still unclear to what extent transactions and values will be impacted. It’s important to remember that the housing market will again shift once the economy returns to normal and full scale production. While some may be holding out in the hope that prices fall, vendors are being more realistic. Real Estate Buyers Agents Association of Australia president, Cate Bakos, says the discounting is largely driven by vendors, not by agents, and particularly by vendors who have already bought or have another financial responsibility and need to sell soon.
COVID-19 Sparks Changes to Bankruptcy Laws: What to Know
The impacts of COVID-19 have already been significant and widespread across the real estate sector; felt by landlords, homeowners and renters, alike.
Many are suffering job losses or significant decreases in their income and despite the banks stepping in to support homeowners with deferred mortgage repayments, and the Government putting a moratorium on evictions for the next six months, it’s understandable that many people are still feeling tense about whether these measures are enough to safeguard their financial health, and their homes in the coming months.
Thankfully, it’s not just rental support and mortgage payment deferments that have been put in place to help Australian’s weather this period of uncertainty and economic unrest. Before these other measures were even enacted, changes were made to the Australian bankruptcy laws, providing the first layer of security for those who are doing it particularly tough through the COVID-19 lockdown.
Australian Bankruptcy Law Changes
The changes, which came into effect on March 25 2020, pertain specifically to extensions of Temporary Debt Protection (TDP)/Declaration of Intent (DOI), and extensions on new Bankruptcy Notices.
In the extension of Temporary Debt Protection (TDP), (which is also known as Declaration of Intent (DOI)), applicants will now have six months — extended from 21 days — to seek appropriate advice, negotiate payment plans with creditors, and consider their long-term, formal insolvency options, such as debt agreements, personal insolvency agreements and Bankruptcy.
The TDP/DOI prevents recovery action by unsecured creditors for this set period. This means that anyone facing bankruptcy during this period will be protected from unsecured creditors seizing their assets, helping to keep their home intact while facing the challenges of COVID-19.
This option is not available to anyone who has had a previous TDP accepted in the last 12 months, is currently in an active debt agreement or personal insolvency agreement, or has been served with a Creditor’s Petition that has been filed through the Federal Circuit Court. Those with current Bankruptcy Notices are also ineligible.
There have, however, been changes made to the Bankruptcy Notice — which is a formal part of the legal process that’s required to be submitted when a creditor intends to make a debtor bankrupt.
As of March 25, 2020, the debt threshold required for creditors to apply for a Bankruptcy Notice has increased from $5,000 to $20,000, and the timeframe in which a debtor has to respond to a Bankruptcy Notice has increased from 21 days to six months.
What Do The New Bankruptcy Laws Mean for Real Estate?
As with other measures, the temporary changes in Australian Bankruptcy Law are in place to help renters, homeowners and landlords to maintain security, stay in their homes, and use this extended timeframe to try and get through their hardship. This could mean a delay in an eventual bankruptcy or the time required to avoid it altogether.
Anyone facing bankruptcy should seek professional advice and follow closely to see if any changes are made to these laws as the COVID-19 situation continues to unfold.
Should I invest during COVID-19?
While the COVID-19 pandemic has had an impact on the Australian property market, it hasn’t put an end to transactions entirely. Investing in property has long been a tradition in Australia, but the COVID-19 outbreak has changed the tone of 2020 financially. However, for property investors, this could present an affordable opportunity to buy a home.
What will happen to housing prices?
Canstar reports this as the most Googled question since the beginning of the COVID-19 outbreak. The Reserve Bank cut rates soon after news broke of the developing coronavirus to encourage buyers. However, there has already been a pullback from buyers which will take momentum out of the market and may lead to some price falls.
The last time Australia faced a major economic crisis was the global financial crisis of 2008. During that time, many experts forecasted a real estate crash but house prices in the capital cities actually rose 13.6 per cent in 2009 and 6 per cent in 2010. Predicting the effect COVID-19 has on property prices is therefore difficult. But given the current environment, buyers who are in secure jobs are actually in a better position because the overall market is weaker.
Will rent be affected?
The Federal Government has announced JobKeeper and JobSeeker stimulus packages to help Australians who have lost their income due to COVID-19. Despite the stimulus, there is some downward pressure on rents and this is most obvious in the capital cities. States and territories too are pushing for landlords to hold off on evictions for up to six-months if rent payments cannot be made as a result of lost income due to COVID-19. The pandemic is likely to continue the downward pressure on rents in the short term.
Low interest rates
Not only are property prices likely to dip in the major capital cities and hot spots around the country, but interest rates too are also incredibly low. The major banks have been quick to pass on the Reserve Bank of Australia’s interest rate cuts to encourage buyer behaviour and help to stimulate the economy.
Am I still able to inspect a property?
The current social distancing restrictions placed on the real estate industry have banned open homes and on-site auctions, but it hasn’t cancelled transactions altogether. The way you inspect a home will largely take place online, with listings including video, 3D modelling and virtual walk-throughs. Most meetings will likely take place via video and contract signing will also be done online. However, you can still request a private inspection should you wish to see property in person.
The Reserve Bank of Australia maintains its outlook that the Australian economy will see a growth pick up over the next two years, and that the economy will rebound at the end of 2020. So, it’s important to remember that a rebound in the property market will happen. And it’s likely to happen by 2021.
The Rent Pause: What You Need to Know
To pay rent, or not to pay rent, this is the question plaguing renters and realtors across the country at the moment.
On Sunday 29th of March, PM Scott Morrison announced a plan to keep renters in their properties, through a system which would put “a moratorium on evictions for the next six months under those* rental agreements.”
“Those” meaning those who have been deemed unable to pay rent due to financial distress.
The idea behind this system is, of course, to keep tenants in their homes, but the mechanisms to achieve this, while also keeping landlords out of debt, have been a little confusing to understand.
So we want to cut through the fluff and lay it out in black and white, what the rental pause is, how it works for renters and realtors and how to apply.
What is the Rent Pause?
The Rent Pause, as it’s been dubbed, is the initiative from the government to try and save financially struggling renters from eviction by putting a moratorium on evictions for the next six months.
What does that mean for renters?
What needs to be made clear is that this scheme only applies to renters who, through no fault of their own (as a result of economic challenges due to COVID-19), have lost employment (or a significant portion of their income) and as such are unable to pay rent.
There is no Australia-wide rental holiday, and financial hardship will need to be proven in order to be eligible for this “rent pause”.
What does this mean for landlords?
The government is using the offer by the banks, to defer home loan repayments for up to six months, to pass on this benefit to renters who are struggling during this period.
Landlords who have renters under financial hardship will need to talk to their banks about deferring loan repayments which will relieve their pressure while the renter is not able to pay.
What does this mean for real estate agents?
As the middleman between the renter and the landlords, agents are in a particularly tricky spot. All agents can do at the moment is to keep abreast of the latest changes. Understand what needs to be proven from the renters and help to communicate the requirements between the two so that they can make the process as smooth as possible.
What documents are needed is still not clear and will likely be slightly different in each state. Renters should be prepared to show bank statements reflecting hardship, as well as dismissal letters from their employer.
Commercial Rent Pause
Also announced recently by the PM were rental waivers and deferrals for commercial tenants. The details are still being solidified, but landlords are now legally required to speak with their tenants about rental arrangements, and if they refuse, they may forfeit their way out of the lease.
Whichever situation you’re in, the best advice we can give is to try and communicate as thoroughly as possible. We’re all finding out information day by day, and while anxiety may be high, communication is the best way to ensure we can all move forward in our homes and financially secure.
We are aware that the details so far do not cover every persons’ situation, and we will be working hard to bring you the latest as more information comes out.