April is new homes month. And one of the virtues
of a newly constructed home is the savings that come from reduced energy and
maintenance expenses.
In a previous analysis,
we used data from the 2009 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 2011 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: eyeonhousing.org)
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