OnTheMove transcript: Busting outdated myths about shopping for new construct houses

Natasha Afxentiou: Hiya and welcome to OnTheMove, a podcast from OnTheMarket. I’m your host, Natasha Afxentiou, and on this sequence, we’ll information you thru every part it’s worthwhile to know in regards to the residence shifting course of from begin to end. I’ll be talking with our visitor specialists who will share their suggestions and tips to make sure you’re geared up to make knowledgeable decisions, breaking down business jargon and clearing the trail to your dream residence.

Immediately, we’re specializing in new construct houses and to assist me debunk outdated myths and misconceptions related to new builds and share all it’s worthwhile to learn about shopping for one, I’m joined by two particular friends. Ed McCoy, Group Gross sales Director at one of many UK’s largest home builders, Persimmon Properties, and our very personal John Doyle, Head of New Properties at OnTheMarket.

Thanks each for becoming a member of me at the moment. How are you each doing?

Ed McCoy: Good, thanks. 

John Doyle: Very effectively, thanks. 

Natasha Afxentiou: Superb. So, earlier than we get began with at the moment’s subject, why don’t we give our listeners some background on you each? Why don’t we begin with you, Ed? 

Ed McCoy: Yeah, so I’m Ed McCoy. I’m Group Gross sales Director at Persimmon. I’ve labored for Persimmon for about 12 months. Beforehand to that, I labored at Barrett Developments, which is one other one of many main home builders within the UK. So, hopefully, I ought to be capable to speak about my expertise throughout the new construct business. 

Natasha Afxentiou: Fabulous. What about you, John? 

John Doyle: So I’ve labored within the new houses sector, I assume for about 10 years, however extra just lately since I joined OnTheMarket, I’ve been Head of New Properties for the final 4 years. And we’re very fortunate again after we first launched to be working with the likes of Persimmon very early on. And, trying ahead to listen to what Ed’s obtained to say about the advantages of shopping for new construct houses. 

Natasha Afxentiou: Nice. So I’m actually pleased to have you ever each right here at the moment. So to get began with the dialog, let’s speak in regards to the execs and cons of shopping for a brand new construct and why a purchaser ought to take into account shopping for a brand new construct reasonably than a resale residence.

So to start out off with, when you consider the primary execs of shopping for a brand new construct, what would you say involves thoughts? 

Ed McCoy: So for me, shopping for a brand new construct is like shopping for a clean canvas. Completely permits you to personalise your house. Clearly, each new residence and completely different builders can have a sort of completely different stage of ordinary specification, however each developer additionally provides a selection of, we name them ending touches, which is a variety of merchandise which we set up into your house previous to completion, which lets you actually personalise your house. So that you sort of get your dream residence from the outset. So in contrast to shopping for an outdated Victorian property, which has most likely obtained an outdated boiler in and possibly obtained a kitchen from the Nineteen Seventies or 80s, you’re successfully getting a model new property, which you personalise, which is a big profit. 

Natasha Afxentiou: How about you, John?  

John Doyle: Properly, I believe there’s lots of actual present advantages as effectively. You realize, the effectively documented price of dwelling disaster, a lot of concentrate on vitality effectivity, and clearly that’s one of many actual advantages that I see our prospects speaking to most of the people about. The truth that in the event you purchase a brand new construct, you’ll be capable to lower your expenses, and clearly then it’s additionally the truth that it’s vitality environment friendly. We’ve added on, OnTheMarket, by way of our web site, is the brand new Greener Selection function, which permits folks to see if properties have gotten these sustainability options on the web site and on these explicit plots. And naturally, in the event you’re a brand new construct developer, most of your developments can have a lot of completely different sustainability advantages over, as Ed was pointing on the market, you already know, some second hand houses. So I believe they’re very related within the present local weather. 

Natasha Afxentiou: Undoubtedly. I believe a degree there, which you talked about Ed, specifically, about clearly with the ability to put your individual stamp on a house and primarily having a clean canvas to work with, a extremely necessary profit that may attraction to some patrons is that really there’s rather a lot much less renovation and upkeep that may have to be carried out. In order you talked about with the resale, there might possibly be a boiler that’s on its approach out, there may very well be a kitchen that’s fairly outdated, so in that sense, you could be saving on some prices by way of having one thing that’s there and completely contemporary and model new. And such as you stated there as effectively, John, tremendous necessary to essentially take into consideration the environmental and financial impacts of being vitality environment friendly. So in the event you’re searching for one thing that will maybe be a greener selection, then that’s for certain worthwhile contemplating when doubtlessly shopping for a brand new construct over a resale residence. 

Ed McCoy: What I might say about that is also when a purchaser is looking to buy a brand new residence, it’s their largest monetary dedication that they’ve and due to this fact, you need peace of thoughts. And what you get with a brand new construct, what you don’t get with the second hand property, is the truth that you do get structural warranties and also you get fixture and fittings warranties additionally. So, that implies that if one thing does go flawed within the property throughout the first two years, you already know, each developer will come out and rectify that situation. I imply, you probably have any structural points as much as 10 years, once more, you’re lined by the NHBC or related guarantee supplier. So once more, simply offers you full peace of thoughts for probably the most important buy of your life.

Natasha Afxentiou: Undoubtedly. And one other factor to doubtlessly contact on, I do know for some patrons, clearly timelines and timeframes may be fairly necessary. So when , say, a series that could be concerned, significantly with a resale residence, in the event you’re looking to buy a brand new construct, after all, it could be barely completely different in the event you’ve obtained a property your self to promote, however in the event you haven’t, then would you say that doubtlessly the simpler chain maybe is one thing to additionally take note by way of with the ability to doubtlessly get in a bit faster than if there was extra events concerned with the resale? 

Ed McCoy: Yeah, completely. So dependent upon your private circumstances, we’ll need to full the property and as each developer will, after we’ve successfully, it’s a construct full, as in we completed every part throughout the property and we’re prepared handy it over, one of many issues that we are able to completely assist with you probably have a property to promote is we are able to both market your property on the open market and pay the charges, or what lots of our purchasers and in the mean time we’ve obtained about 25 % of purchasers which might be utilizing our half alternate scheme and that’s successfully we develop into the purchaser of your present property, which lets you full on our property as and when it turns into construct full. So in the mean time we’re doing incentives, we pay 105 % market worth. In order that implies that you’ve obtained once more, full confidence that that is independently verified by property brokers and valuers. So we’ll give you a extremely aggressive charge in your property and know that you simply’ve obtained a assured purchaser, after which we’ll promote it within the open market when you’ve accomplished on our property. 

Natasha Afxentiou: That’s actually useful to know. By way of key issues that patrons could must learn about shopping for a brand new construct on prime of these advantages, are there any variations specifically when in comparison with a resale residence that they need to possibly take note by way of the method or by way of the property itself?

Ed McCoy: No, I imply the method stays the identical. They’ll must appoint a conveyancer and successfully undergo the conveyancing course of. 

John Doyle: One of many issues once I take into consideration working with home builders and doubtlessly the distinction between, you already know, if I’m a purchaser going into the second hand market or the brand new construct business, if I need to purchase off of a vendor, they’re restricted by way of what they’ll provide me to assist me purchase that property. The property agent can possibly attempt to negotiate and get you to carry down the worth barely, whereas in the event you have been to go to Persimmon, for instance, they’re extremely motivated to promote that property to you. And they also’re more likely to take a look at provides, incentives that Ed was simply mentioning there. And I believe within the present local weather the place possibly the housing market isn’t as buoyant because it was through the pandemic, then I believe housebuilders are having to suppose slightly bit extra creatively. That instance that Ed was giving there about previous alternate provides and incentives, I believe you’ve most likely obtained extra choices. Within the present local weather, in the event you go to a home builder, they’ll be actively making an attempt that can assist you to purchase that property. Whereas in the event you’re going into the second hand market, you’re restricted actually by way of the mortgage offers that you simply’ve obtained.

Ed McCoy: I’d echo that, John, and there’s actually mortgage merchandise on the market that are particular to the brand new houses or new construct business. So, Deposit Unlock is considered one of them, which we successfully pay an insurance coverage indemnity to permit a purchaser to safe a 95% Mortgage. Properly, that’s not out there on second hand houses, so in the event you do have that 5 % deposit, then we’ll discover a approach that can assist you purchase the dream residence. And that may very well be Deposit on Lock, it may very well be a contribution to Stamp Responsibility, it may very well be serving to you personalise your house with some free ending touches. However, you already know, that’s the kind of further help that you simply get within the new houses business, which you wouldn’t get within the second hand market.

Natasha Afxentiou: That’s an necessary level to boost, simply figuring out that that help is there and what’s out there, is unquestionably one thing that will be actually useful to any purchaser, significantly even first time patrons for a primary time going by way of that kind of course of, with the ability to have your hand-held slightly bit extra and likewise having these further advantages on prime is one thing actually helpful.

John Doyle: Ed, are you seeing folks downsizing extra as effectively, possibly from a second hand residence to a brand new construct? Is that one thing you’re seeing extra of within the present local weather? 

Ed McCoy: Undoubtedly a section of the market that we’re actively concentrating on, John. So there are people who have maybe barely older era that stay in a bigger property the place their youngsters have moved away, they’ve obtained important fairness by way of the home worth development that we’ve seen during the last many, a few years and need to launch a few of that fairness and due to this fact they’ll downsize from their indifferent 5 mattress residence right down to a 4 mattress or a 3 mattress as a result of finally they need to launch a few of that fairness for his or her retirement. In order that’s a key section for us to focus on. Completely. 

John Doyle: I assume as effectively, the extra profit in addition to releasing fairness is then the property is due to this fact extra vitality environment friendly and the general price of getting to repairs that property in comparison with, as you say, that large 5 mattress indifferent, you’d most likely want a brand new roof, new home windows, all that. They will simply transfer right into a second hand and as you stated earlier, it’s already prepared to maneuver into. 

Ed McCoy: Yeah, I imply, we’re seeing important developments in what we’re required to ship by way of the vitality effectivity of our new houses. The newest rules, which have actually simply come into power, that are known as Half L Constructing Laws, they not solely drive financial savings from an vitality perspective, but additionally cut back the carbon footprint of our houses by 31%. So for us, that’s about placing in elevated insulation into the flooring, elevated insulation into the roofs, placing photo voltaic panels on the roofs. Electrical charging factors, that kind of factor. However all this stuff will drive a saving for the purchaser by way of the lifetime of the property. But in addition as importantly, cut back carbon emissions and say by 31%.

Natasha Afxentiou: Undoubtedly, that’s actually necessary. So by way of precise issues which might be put in place inside new construct houses, what are the options which might be put in place that make these houses extra vitality environment friendly? 

Ed McCoy: The issues that we put into the houses which make them extra vitality environment friendly are issues like elevated insulation within the flooring. We put probably the most superior vitality environment friendly boilers into our properties. We make it possible for the insulation within the partitions is extra sturdy, and it’ll differ between whether or not you’re constructing a timber framed residence or whether or not it’s conventional model constructed, however finally there’s higher insulation within the partitions. We put higher insulation within the roofs. We put in a wastewater restoration system. So a wastewater warmth restoration system ensures that the wastewater from the bathe heats the incoming chilly water because it goes up the pipe, in order that the boiler doesn’t should work as exhausting. So we’re being pushed by the federal government constructing rules, however finally we’re making our houses extra vitality environment friendly. This is without doubt one of the many steps and developments that we’ve seen over the previous few years, however successfully we’re working in direction of the Future Dwelling Commonplace, which will probably be delivered in 2025, the place we’re anticipated to cut back our carbon emissions of every of the houses that we produce by 75 to 80%. There’s small developments and steps adjustments in rules as we transfer in direction of 2025, however finally it’s about constructing a extra vitality environment friendly residence with decrease CO2 emissions.

Natasha Afxentiou: Undoubtedly, there’s urge for food there from movers for extra environment friendly houses and the entire options that you simply talked about earlier, Ed, are clearly placing issues in the appropriate route and so they all make an enormous distinction. There have been truly some insights that have been launched by the Home Builders Federation and it was a part of their HBF vitality report, Watt a Save, which got here out in February of this 12 months and some fascinating issues got here up inside that report, which I believed can be good to share. So it follows on fairly properly from what we’ve mentioned up to now. In order that they discovered that on account of decreased vitality use, common new construct homebuyers will see a big saving on their family payments. So the common new construct property price £1, 422. 99 to run within the 12 months that resulted in December 22, which is simply 40 % of the price of a median older property and so they discovered that that was £3, 515. 48. In order that implies that patrons of recent construct properties within the 12 months to December 22 have been collectively saving over £500 million a 12 months on their working prices. And on prime of that, new construct properties have been discovered to be considerably extra environmentally pleasant than older equal properties, and so they emitted simply 1.4 tonnes of carbon a 12 months, in comparison with the three.6 tons that present properties have been emitting. So, positively there’s proof there that new construct houses are shifting in a constructive route by way of being extra vitality environment friendly after which additionally having an actual price saving, which is particularly necessary now for patrons and for householders going ahead. Does that shock any of you guys by way of the precise sheer quantity? Are these consistent with the issues that you simply might need been seeing in your sides? 

Ed McCoy: Yeah, completely. I imply, we do our personal analysis on the again of the HBF analysis and we see related financial savings. So it’s nearly how a lot a purchaser can finally save by shopping for a brand new construct and we actively promote that as a result of it’s a key USP of this a part of the business. 

John Doyle: Not a shock to me both, as a result of having conversations with Ed and the entire different home builders are very, very targeted round it. So we see it in lots of the extra promoting they do and thru OnTheMarket to advertise these USPs to potential patrons.

Natasha Afxentiou: Nice stuff. So I do know that earlier on within the dialog, we did contact on a number of ways in which we may give extra help by way of new builds for patrons when shifting. However are there any schemes specifically which might be out there available in the market to help with buying a brand new construct? And is there any standards that patrons ought to concentrate on by way of the issues that they should meet to be able to use these schemes to assist them get on the ladder with a brand new construct property?

Ed McCoy: Historically, the federal government has supported the brand new houses business with Assist to Purchase, that just lately completed, which was successfully a shared fairness scheme the place the federal government helped you onto the property landed by taking an fairness share of the property. As we touched on earlier, there’s Deposit Unlock and Personal New, that are particular mortgage merchandise particularly for the brand new construct market, which assist you to purchase with a 5 % deposit. After which there’s all the opposite builder schemes that we provide dependent upon the private circumstances of the purchaser. It’s very a lot our job and it’s my gross sales advisor’s position, when a purchaser involves website and visits considered one of our buyer hubs that we actually perceive their private circumstances and we actually perceive how we will help them get on the property ladder and due to this fact we tailor an incentive based mostly upon the necessities and the private circumstances of the person.

Natasha Afxentiou: That’s actually helpful info.

Ed McCoy: I believe it’s additionally actually necessary that you simply use a mortgage advisor that has specialist data of the brand new construct market. Should you simply went to your native excessive avenue financial institution, they’re simply going to promote you their portfolio of merchandise. There are specialist new construct mortgage advisors who will successfully search the entire of the marketplace for you. They’ve an in depth data of the entire schemes which might be out there that can assist you buy. And very often they are often actually modern in the way in which that they assist you to purchase a property. So for instance, there’s a lender known as Era Dwelling who, in the event you don’t have the complete deposit, they may let your dad and mom contribute to the deposit to facilitate the acquisition and that contribution out of your dad and mom can both be paid again as a straight return on the mortgage, or they’ll take an fairness share in your property. So there’s a lot of modern lenders on the market in the mean time. which might be making an attempt to successfully clear up the 2 large issues for folks getting on the property ladder. The primary downside is folks don’t have sufficient deposit, however then second factor is that if they’ve the deposit, they simply can’t afford to purchase based mostly upon the affordability calculators of the entire lenders. So there are many modern lenders on the market and it’s nearly getting specialist recommendation that can assist you get on the property ladder.

Natasha Afxentiou: The place generally deposits and affordability is usually a concern, simply figuring out that there are issues on the market to help with that’s actually helpful to know. Maybe a distinction when a brand new construct residence in comparison with, say a resale, is the chance to possibly go and take a look at a present residence. So are there any issues that you’d say are necessary to take note of when viewing a present residence or something to count on when going to take a look at one?

Ed McCoy: I believe the important thing factor for me is the property that you will purchase off plan is probably not the identical format because the present residence. So clearly, we’ll usually have one or two present houses on every of our developments and we’ll predominantly choose the home sort that we construct probably the most of. Nonetheless, you won’t be shopping for that particular format, so it’s about ensuring you actually perceive the specification and also you have a look at the specification of the present residence, what are the upgrades and what comes as the usual spec, as a result of while the format could be barely completely different, the specification that you’ll get once you buy your house needs to be in step with both the usual specification within the present residence or no matter’s within the present residence needs to be marked as much as say, effectively, these are all optionally available extras that you would be able to purchase.

So it’s simply ensuring that you simply go eyes extensive open. And clearly we’re making an attempt to promote the dream. So we’ll put a lot of ending touches into our present houses. Simply ensuring that you simply perceive what you get as commonplace and what it’s worthwhile to improve. So similar to once you’re shopping for a automobile, you already know, you get your commonplace spec after which you should buy packages, improve packages, be sure to simply perceive what you’re getting a typical and what you’re getting is an improve. 

Natasha Afxentiou: Yeah, that’s a superb analogy. 

John Doyle: One different level, I believe there’s possibly a notion from most of the people once they’re going to purchase a brand new construct, that property is prepared for them to maneuver into. By way of your expectation, don’t suppose that I’ve seen this property OnTheMarket and I’m going to have the ability to go down there and put a deposit down and in six weeks time I’ll be in. Now that could be the case in some situations, however clearly Persimmon don’t need hundreds of constructed properties, they’re seeking to attempt to promote them sooner or later. In order that’s one other piece of recommendation for anybody listening. 

Ed McCoy: We have to take absolute duty for ensuring that the purchaser absolutely understands after we suppose we’re going to finish the property. So we’ll give them an estimation on the level that they reserve, however it’s an estimation. Constructing a house just isn’t like manufacturing a automobile, there are a lot of issues that may positively and adversely have an effect on the construct program, resembling climate. If it out of the blue snows and also you’re making an attempt to place up the brickwork round the home, then you definitely’ve most likely obtained to cease. It’s not good to put bricks below a sure temperature. Issues do go flawed, however the duty is totally with the developer to ensure the client is absolutely engaged and saved updated with the newest construct program. And we don’t get it proper each time, however we completely attempt to handle the purchaser’s expectations.

Reserving a brand new residence is sort of a sophisticated course of since you’re shopping for one thing off plan. So there are processes in place to make sure that the client absolutely understands what they’re buying. So we undergo what we name a reservation guidelines, which is successfully exhibiting the purchaser the entire parts and goes by way of the entire administration prices, any service charges. It goes by way of all of the plans and the layouts to make it possible for they’re absolutely conversant with what they’re shopping for. However, in the event you do have any questions otherwise you’re uncertain about something, then I’d urge purchasers simply ask as many questions in that assembly as attainable. Or subsequent to that assembly, you’re not tied in successfully till you alternate, so in the event you’ve obtained any questions or any issues popping out of that assembly, or this want readability on one thing, return to the gross sales advisor and be sure to’re completely clear about what you’re buying. 

John Doyle: The opposite factor, once more, in the event you’re within the course of of shopping for a brand new construct or it, you additionally need to have a look at doubtlessly developer’s HBF 5 star ranking as effectively, as a result of that may give you a bit extra confidence of who you’re coping with. The truth that it is a 5 star home builder or a 4 star home builder, that ought to offer you extra peace of thoughts as effectively, as a result of presumably if you’re a 5 star home builder, which Persimmon are, that implies that the customer support is nice, the issues that Ed’s speaking about there, that implies that they’re clearly doing these issues effectively, which suggests folks referring themselves to buddies and to colleagues.

Natasha Afxentiou: Yeah, positively. It doesn’t have to be a frightening course of, particularly in the event you’ve not thought of or purchased a brand new construct earlier than. Should you’ve obtained that gross sales advisor there, such as you stated, Ed, they’ll after all information you thru the method. And any query that you simply do have is one price asking as a result of they’ll be capable to put any queries that you could have to relaxation. So it’s positively price noting that you simply’ve clearly obtained that help community round you. It’s not one thing you must go into completely unaware.

You might be listening to OnTheMove, the house shifting Podcast by OnTheMarket with me, your host, Natasha Afxentiou, and my friends this month, Ed McCoy and John Doyle. To this point we’ve mentioned the advantages of shopping for a brand new construct property and the schemes out there to help with buying one. Shifting on will probably be debunking misconceptions related to new houses. 

Earlier than we wrap up at the moment’s episode, for at the moment’s Q&A bit, we requested you, our listeners, to ship us the issues that you simply’ve heard about New Construct Properties. So what we’re going to do now’s debunk any which might be myths and misconceptions if it’s okay with you each, Ed and John, we’ll go straight into it and I’ll put the responses that we needed to you one by one. 

So to get began, one thing that got here in was that new builds have small gardens. 

Ed McCoy: I believe it actually will depend on the property that you simply buy. Clearly, in the event you’re shopping for a small two mattress property, six, seven, eight hundred sq. ft, you wouldn’t count on to have a big backyard. However, you already know, among the properties that we construct, that are two thousand sq. ft, completely have fairly beneficiant gardens. Are they as beneficiant as a conventional Victorian property with 100 and thirty foot backyard on the again? In all probability not, however it’s about creating actually nice areas for folks to stay in and creating an outside setting and outside area for our purchasers is totally key. 

Natasha Afxentiou: So the second factor that got here in was that some new construct houses lack character. 

Ed McCoy: You must query what you imply by character. Should you imply, can you personalise your house and create probably the most fascinating setting for your self, then new builds completely do this, as we’ve spoken about beforehand with with the ability to personalise. By way of missing character from the surface, we have now a typical vary of home varieties, and we have now numerous completely different elevational remedies. Very often the elevational remedies, what I imply by that’s, what does the entrance of the home appear like? The elevational therapy will typically be outlined by the native planning authority by way of their design requirements, so very often we’re informed what we are able to and can’t do, however I believe a few of our home varieties are actually, actually enticing from the surface.

I assume it’s private selection, private opinion. 

Natasha Afxentiou: So the subsequent assumption that got here in was that new construct properties have skinny partitions and aren’t as sturdy as resale houses. 

Ed McCoy: In order we spoke about earlier, we’re placing extra insulation into our partitions than we ever have carried out beforehand. We construct all of our houses to the newest constructing rules and due to this fact you’ll be able to really feel completely assured that you simply’re getting a top quality residence once you buy a brand new construct.

Natasha Afxentiou: Nice stuff. So the subsequent assumption that got here in was that the larger the developer, the much less care is taken. 

Ed McCoy: It’s actually necessary when you’re contemplating shopping for a brand new construct property that once you’ve discovered the placement and the home that you simply need to purchase, you do your due diligence and analysis on the developer. As John talked about earlier, one of many issues you’ll be able to have a look at is the HBF ranking. That’s successfully, we’re tasked with surveying all of our prospects to make sure that they’re pleased and to attain a 5 star ranking, it’s worthwhile to get above 90 % of consumers to say that they might suggest you. So it’s actually necessary whether or not they’re an even bigger or a small developer, you have a look at the HBF ranking to know whether or not you’re shopping for from a top quality developer.

Natasha Afxentiou: That’s necessary to know. Yeah. By way of new construct properties, particularly flats, some folks have assumed that they permit noise to journey simply between neighbouring properties. 

Ed McCoy: I assume it goes again to my earlier remark in regards to the insulation we construct to the newest constructing rules. We do noise testing inside flats to make it possible for the noise doesn’t journey and we have now to evolve to the related constructing requirements. So I’d problem that delusion. 

John Doyle: Every thing you stated there, Ed, I agree with and it’s right down to selection as effectively, isn’t it? Some folks won’t need to purchase a brand new construct. Some folks may need to have 100 foot backyard and so they may need to have a property that they’ll add an extension to or a loft conversion. Another folks received’t need to do this. And I assume Ed’s most likely not seeking to entice folks which might be searching for 100 foot backyard. There are sufficient folks on the market. We all know that there’s lack of housing and folks want good high quality housing. So yeah, I believe it’s down to private selection actually. And there’s many, many advantages when you would purchase a brand new, however clearly there could be different elements which can make you say, truly, that’s not for me and I believe that’s high quality as effectively. 

Natasha Afxentiou: So the subsequent assumption that got here in is that new builds are small by way of sq. footage for his or her worth. 

Ed McCoy: Are they small by way of sq. footage for the worth? I don’t suppose so. It’s actually dependent upon what’s the requirement of the one that’s buying. So we have now a typical vary of home varieties, which vary from two beds from 600, 650 sq. ft, proper as much as 5 beds over 2000 sq. ft. So it’s about understanding what you need from a property, what are your necessities after which ensuring that you simply choose the home sort that delivers in opposition to these key USPs that you simply want.

John Doyle: One factor so as to add to that as effectively is Individuals speak in regards to the new construct premium and once you purchase a brand new construct, you’re getting every part included. Should you purchase a second hand residence, you’re going to should go there, doubtlessly rip out the kitchen, rip out the toilet, as Ed stated, put a brand new boiler in. All of these prices actually mount up. So in the event you have a look at a brand new construct and say, effectively, that’s fairly costly, however in the event you transfer in there, that’s it, apart from most likely shopping for furnishings and placing your individual stamp on it, truly by way of the foundations of the property are already in place. So I believe they’re the issues it’s worthwhile to steadiness as effectively. 

Natasha Afxentiou: The following assumption that got here in is that new builds may be out of city with out transport hyperlinks or retailers close by. 

Ed McCoy: So, to reply that one, there’s numerous issues that I might say. Firstly, after we assess a chunk of land previous to buying the piece of land to construct on, one of many key issues that we’ll have a look at is accessibility into the native city, what are the transport hyperlinks, to make it possible for we all know that we’ll have important demand for our properties after we construct there so we’ll guarantee that there’s good transport hyperlinks and we construct in areas that folks need to stay in in any other case, we’re going to be constructing homes which might be successfully in a area with no one shopping for them. So, that’s a key standards for us. The opposite factor I might say is as a part of the Part 106 obligation, which is the duty from the council, we are sometimes required to place issues like further bus stops in or turning circles for buses for brand spanking new bus routes. So, one of many key issues that the council will probably be very eager on is guaranteeing that we’re creating an setting and a neighborhood the place folks need to stay. And a kind of issues that they’ll completely want is nice transport hyperlinks and retailers. So completely, we make it possible for that may be a sort of a prerequisite earlier than we purchase any land. 

Natasha Afxentiou: Lastly, the final assumption that we had are available was that builders may be sluggish to repair snags, and it makes folks really feel that they’ve moved on to the subsequent job as soon as accomplished.

Ed McCoy: In order a part of the gross sales course of, after we hand over a property, we’ll establish any excellent snags. Typically we’re sluggish in resolving snags, however there are issues outdoors of our management, resembling we’re ready for a brand new faucet to return in or a substitute door from a kitchen provider. However clearly we work intently with our provide chain to make sure that they’ve the related inventory to produce us to resolve snags as rapidly as attainable. The important thing factor is we do have a course of to shut out the snags and ensure the client is pleased and we ask folks to suggest us after eight weeks. They’re not going to suggest us if we don’t shut out the snags, it’s so simple as that. 

John Doyle: How lengthy is the interval that somebody that buys a Persimmon residence can nonetheless attain out to you and you’d come again in and cope with any repairs?

Ed McCoy: So it’s a two 12 months fixtures and fittings guarantee. So within the first two years, if something goes flawed, we have now a buyer care devoted workforce who will probably be again on website to resolve your points. Then you definately get a ten 12 months structural guarantee as effectively. 

John Doyle: If you consider it, in the event you’re balancing out the professionals and cons of which you’ll see the professionals and cons of each buy, however in the event you have been to purchase a secondhand residence, as soon as you obtain that property, you’re not going to ring up the seller and say, are you able to pop round and repair the faucet? Whereas I assume you’re in a lucky place the place you’ll be capable to, if one thing does go flawed, please contact that home builder and so they’ll are available and restore it for you. 

Natasha Afxentiou: Nice. I believe that brings us properly to the tip of the Q& A section and likewise to the tip of at the moment’s episode. So thanks each, Ed and John, for becoming a member of me at the moment. It’s been nice to have you ever each on. 

All that’s left for me to say to our listeners is thanks for becoming a member of us for this episode of OnTheMove. You will discover all future episodes on all the foremost podcast platforms, and we’ll be sharing hyperlinks to episodes as they’re launched on our social media channels too. 

On the subsequent podcast, we’ll be exploring the place to start out together with your property search and what you would like you knew earlier than you moved. For entry to our present notes and extra info on the subjects that we’ve lined at the moment, you’ll be able to go to our weblog at OnTheMarket.com. Thanks once more for listening and keep in mind in the event you’re seeking to get on the transfer, get OnTheMarket.