Description
Value You Can Measure
Greenport residents have a whole host excellent reasons to replace their windows. Repairing old windows, revamping the decor of your home etc… Many such values may be counted quite clearly.
To start, windows maintain about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This sets windows among the top 5 home improvement investments in terms of value retention.
As for energy savings, people living in Greenport, will most probably experience important declines on weekly spending for home energy. If you already have dual pane windows you could save approximately $251.99 compared to $174 in Buffalo. Whereas, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $947.25 per annum, compared to $452 in Buffalo.
Improve your Greenport Home’s Asking Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows can add to the asking price of your home. As mentioned before, windows preserve most of their initial value especially given their long life expectancy. At a rate of 72.3% estimated for 2020 an average total window replacement job costing $17,925 would preserve $13,018 of its initial value.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to find out : What’s the premium for energy savings if you sell your home? This is what we uncovered in Greenport:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Greenport, your home value could increase by between $2661.04 and $3710.84 for a mid-tier or top-tier Greenport home respectively. Compare this to, the same replacement in Buffalo could yield somewhere between $1837.44 and $2562.32.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Greenport homeowners may see an estimated home value gain of between $10002.92 for mid-tier homes and $13949.15 for the top tier. Compare this to between $4773.12 and $6656.15 in Buffalo.
Another way to look at it, a window upgrade in Greenport can add between 0.42% percent and 2.22 % percent to the asking price of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Greenport homeowner is quite strong.
The variation between the range for Greenport and Buffalo, which for reference, would yield a potential premium range of 0.29% percent and 0.41% percent respectively, can be estimated from a number of factors, principally; the 4.98% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the New York-Newark-Jersey City region, and heating & cooling price differences between Greenport and Buffalo.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and extensive research performed by the NAHB. Greenport home value data is provided by Zillow.
Data Sources & Disclaimers
Sources:
https://www.bls.gov/regions/
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption
https://www.energy.gov/energysaver/design/windows-doors-and-skylights/update-or-replace-windows
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption#by%20end%20uses
https://openei.org/wiki/NSTAR_Electric_Company
https://www.aceee.org/press/2018/10/aceee-2018-state-energy-efficiency
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187724.php?page_id=32&pid=NAH
http://eyeonhousing.org/2019/04/how-much-are-buyers-willing-to-pay-for-energy-efficiency/
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187731.php
https://www.remodeling.hw.net/cost-vs-value/2020/new-england/
Disclaimer: The information on our website is general in nature and is not intended as a substitute for competent legal, financial or engineering advice.
Although National Vinyl is a Member of the National Homebuilders association and TrustGard windows are the recipient of EnergyStar’s “Most Efficient”,
we wish to state clearly and unequivocally: the information provided does not consitute an endorsement by or from any third party. We make no representation as to the accuracy of the information entered by third parties.We, our directors or shareholders disclaim any liability for any damages or loss arising from your use thereof.
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