Description
Value You Can Measure
Richford homeowners have a variety excellent reasons to change their windows. Repairing damaged windows, renewing the decor of your home etc… Some such features may be quantified quite precisely.
To begin with, windows preserve about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This places windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, residents of Richford, should have considerable reductions on daily bill for home energy. If you already have dual pane windows you may save about $209.23 compared to $197 in Burlington. In contrast, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $636.89 annually, compared to $553 in Burlington.
Build your Richford Home’s Asking Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows may 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 answer the question : What’s the return on investment on energy savings when selling the house? Here is what we uncovered in Richford:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Richford, your home value could increase by around $1046.13 and $1391.35 for a mid-tier or top-tier Richford home respectively. Compare this to, the same upgrade in Burlington could yield somewhere between $985 and $1310.05.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Richford homeowners could see an estimated home value increase of between $3184.44 for mid-tier homes and $4235.31 for the top tier. Compare this to between $2765 and $3677.45 in Burlington.
In other words, a window upgrade in Richford can add anywhere from 0.97% percent and 3.94 % percent to the sale 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 upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Richford homeowner is relatively strong.
The variation between the range for Richford and Burlington, which for reference, would yield a potential premium range of 0.92% percent and 1.22% percent respectively, is dependent on a number of factors, principally; the 0.69% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the Burlington-South Burlington region, and energy cost differences between Richford and Burlington.
The data presented is derived from EnergyStar, the NREL,Department of Energy and extensive research executed by the National Association of Homebuilders. Richford 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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Energy Savings & ROI: Richford vs the rest of Vermont
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