Hidden Savings on New Construction Homes

For many of us, the American dream revolves around homeownership. It’s what many people strive to achieve – a symbol of their independence, stability and hard work.  

Today, affordability is the biggest hurdle that first-time homebuyers face. However, as seasoned homebuyers know, your monthly mortgage payment is just one of the expenses that come with your home. According to a study by Fannie Mae, non-mortgage housing costs can make up the majority of homeownership costs. 

New construction homes can alleviate some of the surprise costs and ongoing expenses that you may face as a homeowner. Here are a few examples of the hidden savings you may be able to enjoy if you choose to buy new! 

Low Maintenance and Repair Costs 

One of the obvious advantages of a new construction home is that everything is new, recently inspected and sometimes even under warranty. This can translate to lower maintenance costs and limited initial repairs. 

According to Thumbtack’s Home Care Price Index, the average annual cost to maintain a single-family home in Q4 2023 was $6,663, about an 8% increase from the previous year. With a new construction home, many of these maintenance and repair costs may not come into play for years. 

According to home improvement site Angi, here are some estimated buicost ranges for major home repairs: 

• HVAC replacement: $5,000 – $12,500 

• Roof repair: $5,600 – $11,400 

• Electrical repair: $500 – $1,800 

• Foundation repair: $2,000 – $7,000 

• Water heater repair: $200 – $1,000 

Though you will have to pay for some cleaning and maintenance, the larger expenses – appliance, roofing and extensive maintenance – are unlikely to affect a new construction home as quickly as an older home.

Energy Savings with Modern Features 

On average, Americans spent about $4,549 on utilities in 2022, according to the latest Consumer Expenditure Survey (CES) conducted by the Bureau of Labor Statistics. While you’ll need to pay for utilities in any home, new construction often comes with increased energy efficiency. 

For example, Lennar homes come complete with modern features on everything from your kitchen faucet to insulated windows. Even the smart home features, such as programmable thermostats, can help you save money by optimizing your energy usage. 

With higher building code standards and more technology options, new construction homes are likely to save you money every month with lower utility costs as compared to older homes with less efficiency features.  

Lower Renovation Costs 

Even if you’re not buying a fixer-upper, you may be tempted to upgrade your home or tailor it to your specific style. With a new construction home, you shouldn’t need to indulge in renovations until much further down the line. 

Here is the median spend on remodeling per project type in 2022, according to the 2023 U.S. Houzz & Home report: 

• Kitchen: $20,000 

• Primary bathroom: $13,500 

• Living/family room: $5,000 

• Guest/other bathroom: $5,000 

• Laundry room: $3,000 

• Dining room: $2,000 

• Home office: $2,000 

• Closet: $1,000 

• Guest/other bedroom: $1,000 

With a Lennar home, you’ll enjoy a modern floorplan suited for your needs. That means flexible floorplans perfect for work-from-home offices and open floorplans designed with today’s tastes in mind.  

You’ll even have an opportunity to decide on your home design, choosing your favorite fixtures, colors and more. When everything’s new and made just for you, you won’t need to think about renovations or replacements for years to come! 

Abundant Amenities  

Another hidden saving you may not have considered comes in the form of amenities within your community. For example, select Lennar communities often come with their share of perks – swimming pools, clubhouses, playgrounds, fitness centers and more.  

Taking advantage of these benefits can save you on external costs you may otherwise pay for: 

• Gyms, fitness centers and walking trails: Use these to cut out your gym membership and save on gas in the process. 

• Clubhouses: Spend your weekends or host your friends right in your community! 

• Pools: Well-maintained with restricted access, a community pool gives you resort-style relaxation with no access fees. 

• 55+ Activities: In Lennar’s Active Adult communities, group activities help seniors connect with their neighbors close to home. 

Learn More About Buying a Lennar Home  

At Lennar Mortgage, we’re passionate about connecting our Customers with their dream homes. We specialize in financing Lennar’s new construction homes, helping our Customers close on time with limited surprises.  

Our Loan Officers are here to guide you through your options. Get pre-qualified today to get started!* 

Learn More About Lennar 

A leader in building high-quality homes and communities for all stages of life, Lennar designs homes for every type of homebuyer across 26 states and over 70+ popular cities from coast to coast. Whether entering homeownership for the first time, looking for a larger home with extra space or an empty-nester in search of something low-maintenance, homebuyers can find their perfect fit in a new Lennar home. 

Sources: 

Mortgage costs as a share of housing costs, Fannie Mae Economic and Strategic Research Group 

Home Care Price Index, Thumbtack 

Consumer Expenditure Survey (CES), Bureau of Labor Statistics 

2023 U.S. Houzz & Home, Houzz 

The 15 Most Expensive Home Repairs and How To Prevent Them, Angi 

*Requesting a loan prequalification and making a loan application do not constitute a loan approval or otherwise indicate that a consumer has or will qualify for a loan from Lennar Mortgage or any other lender. Prequalifying with Lennar Mortgage is voluntary and is not required in order to obtain a loan from Lennar Mortgage and/or purchase a home from Lennar Corporation or any of its affiliated homebuilders. Prequalification does not (a) constitute a loan approval or indicate that you have or will qualify for a loan from Lennar Mortgage or any other lender; or (b) guarantee you will qualify to purchase a Lennar home. Lennar Mortgage is seller’s affiliate lender, but use of Lennar Mortgage not required to purchase a home ( See Affiliated Business Arrangement Disclosure). Lennar Mortgage, LLC - NMLS # 1058. 

Lennar makes no guarantee of present or future market conditions. Forecasts, projections and other predictive statements should never be relied upon.  You should consult your own accounting, legal and tax advisors to evaluate the risks, consequences and suitability of any real estate transaction. Features, amenities, floor plans, elevations, and designs vary and are subject to changes or substitution without notice. Items shown are artist’s renderings and may contain options that are not standard on all models or not included in the purchase price. Availability may vary. Plans to build out communities as proposed are subject to change without notice.  Energy efficiency and savings will vary due to many variables, including but not limited to, actual utility rates and fees, actual construction, floor plan, occupancy, appliance usage, thermostat settings, weather conditions, number of individuals occupying the home and orientation of the home. Lennar provides no guarantee of savings or efficiency that will be achieved by each homeowner. Active-adult communities: Age restrictions apply to the occupants/owners in this community as permitted under the Fair Housing Act. This means for some communities that a designated percentage of the homes in the community must be occupied by at least one person 55 years or older (80% or 100%, depending on the community). There may also be minimum age requirements for other residents in the home, and/or a certain number of younger residents permitted in the community. These communities publish and adhere to policies and procedures that demonstrate the intent to operate as age 55 or older housing, and comply with HUD's rules for age verification of residents. In other communities, all residents must be age 62 years or older (with limited exceptions). You are encouraged to review community documents and disclosures for applicable restrictions before purchasing. Please consult with a Lennar New Home Consultant regarding any questions regarding this community’s age policies. Models/lifestyle photos do not reflect racial or ethnic preference. Third party companies are not affiliated with this promotion, nor do the third party companies sponsor, endorse or support this promotion.  This is not an offer in states where prior registration is required. Void where prohibited by law. Copyright © 2024 Lennar Corporation and Lennar Mortgage, LLC. All rights reserved. Lennar, the Lennar logo, Lennar Mortgage and the Lennar Mortgage logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. Arizona – Lennar Sales Corp.; HSP Arizona, Inc. ROC 242267B-2; ROC 138431B; ROC 144869A; Lennar Arizona Construction, Inc. ROC 228129B; Lennar Arizona, Inc. d/b/a Lennar Homes ROC 232731B; Lennar Communities Development, Inc. ROC 137295KA / California – CalAtlantic Group, Inc. (Responsible Broker: Joanna Duke) #02058246; BMR Construction, Inc. 830955; Lennar Sales Corp. (Responsible Broker: Joanna Duke) #01252753; CalAtlantic Group, Inc. 1037780;; Lennar Communities, Inc. 66241; Lennar Homes of California, Inc. 728102 / Florida – Lennar Realty, Inc.; Lennar Homes, LLC CBC038894; CGC062343, CGC1518166, CBC1257529, CGC1523282, CBC1260831, CGC1526578, CBC051237; Standard Pacific of Florida GP, Inc. CGC1506052, CGC1517342; U.S. Home Corporation CGC1518911; WCI Communities, LLC CGC031523 / Maryland – CalAtlantic Group, Inc. MHBR No. 128; U.S. Home Corporation MHBR No. 316 / Minnesota – Lennar Sales Corp.; CalAtlantic Group, Inc. BC736565; BC700385; U.S. Home Corporation BC001413 / Nevada – Lennar Sales Corp.; Greystone Nevada, LLC 48844; Ryland Homes Nevada, LLC; Lennar Reno, LLC 64226; Ryland Homes Nevada, LLC 56652 / New Jersey – Lennar Sales Corp. / North Carolina – Lennar Sales Corp. / Oregon – Lennar Sales Corp. #201206464; Lennar Northwest, Inc. CCB #195307 / Pennsylvania – Lennar Sales Corp. / South Carolina – Lennar Carolinas, LLC / Tennessee – Lennar Sales Corp. ph. 615-465-4328 / Utah – Lennar Homes of Utah, Inc. / Washington – Lennar Sales Corp.; CalAtlantic Homes of Washington, Inc. CALATHW836LR; Lennar Northwest, Inc.LENNAN1893QG / West Virginia – US Home Corporation d/b/a Lennar; #WV060106.  Date 04/24