One of the virtues of a newly constructed home is the savings that come from reduced energy and maintenance expenses.
In a previous analysis, data used from the American Housing Survey (AHS) to offer proof. The AHS classifies new construction as homes no more than four years old.
For routine maintenance expenses, 26% of all homeowners spent $100 or more a month on various upkeep costs. However, only 11% of owners of newly constructed homes spent this amount. In fact, 73% of new homeowners spent less than $25 a month on routine maintenance costs.
Similar findings are available for energy expenses. According to the AHS, on a median per square foot basis, homeowners spent 81 cents per square foot per year on electricity. Owners of new homes spent less: 68 cents per square foot per year. For homes with piped gas, homeowners spent on average 50 cents per square foot per year. Owners of new homes spent just 34 cents per square foot per year.
The 2011 data show similar results for various other utilities. For water bills, homeowners averaged 28 cents per square foot per year, while owners of new homes averaged 22 cents. For trash bills, the median for all homeowners was 15 cents per square foot per year, while for new construction the median was 13 cents per square foot per year.
These data highlight that a new home offers savings over the life of ownership due to reduced operating costs. And in fact, these reduced costs result in lower insurance bills as well. The median cost for all homeowners of property insurance is 39 cents per square foot, while it is only 31 cents per square foot for owners of new homes.
These reduced expenditures represent one of the many reasons that the current system of appraisals needs updating to reflect the flow of benefits that come from features in a new home. Source: NAHB
Chad D. Collins, Accredited Master Builder
An area native, NC Licensed General Contractor, National Association of Home Builders Master Certified Green ProfessionalTM, and Certified Aging-in-Place Specialist, Chad is one of less than 50 Accredited Master Builders in the state. He achieved this professional designations after years of experience and numerous hours of coursework via the NC Builder Institute. Chad has been an active member of the building industry since the early 1990’s. He joined the Home Builders Association (HBA) of Durham, Orange, and Chatham Counties in 2005. Chad was soon named HBA Recruiter of the Year and he subsequently chaired various HBA committees. Chad is a Licensed Home Inspector, as well as, a Licensed Lead Abatement professional.
In addition to industry awards in recognition of excellence in home building and remodeling, Collins Design-Build has twice been named Building Company of the Year via the HBA’s Triangle Sales and Marketing Council MAME (Major Achievements in Marketing Excellence) Awards. The company has also received a Best Green Built Home STARS Award from the NCHBA. Currently, Chad serves as 1st Vice President of the HBADOC, and recently completed one of Durham’s first LEED (Leadership in Energy and Environmental Design) residential projects. LEED is a green building certification program that recognizes best-in-class building strategies and practices. To receive LEED certification, projects must satisfy pre-requisites and earn points to achieve various levels of achievement.
In 2014 Chad was selected as the HBADOC 2014 Builder of the Year and recently honored at The International Builders Show in Las Vegas as the NAHB’s Certified Green Home Professional of the Year.
This post was written by Chad Collins