Description
Value You Can Measure
Beachwood homeowners have a whole host excellent reasons to replace their windows. Updating leaky windows, revamping the aesthetics of your home etc… Some such benefits can be quantified relatively clearly.
Firstly, windows conserve 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.
As for energy savings, homes in Beachwood, will most probably have considerable declines on weekly bill for electricity. If you already have dual pane windows you may save around $109.83 compared to $100 in Atlantic City. In contrast, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $339.81 per annum, compared to $274 in Atlantic City.
Grow your Beachwood Home’s Resale Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows can add to the sale 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to determine : What’s the premium for energy savings when selling the house? The following is what we uncovered in Beachwood:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Beachwood, your home value could increase by around $658.95 and $964.27 for a mid-tier or top-tier Beachwood home respectively. For comparison, the same replacement in Atlantic City may get you somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Beachwood homeowners could expect an estimated home value increase of between $2038.85 for mid-tier homes and $2983.52 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
Another way to look at it, a window upgrade in Beachwood can add anywhere from 0.27% percent and 1.24 % percent to the sale price of your home via 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 Beachwood homeowner is relatively strong.
The variation between the range for Beachwood and Atlantic City, which for reference, would yield a potential premium range of 0.25% percent and 0.37% percent respectively, is derived from a number of factors, primarily; the 1.09% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the New York-Newark-Jersey City region, and energy price differences between Beachwood and Atlantic City.
The data presented is based on EnergyStar, the NREL,Department of Energy and expert research done by the NAHB. Beachwood 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: Beachwood vs the rest of New Jersey
Find out how investing in new windows in Beachwood compares to other nearby New Jersey cities.