Value You Can Measure
Bogota residents have a variety great reasons to replace their windows. Fixing leaky windows, revamping the design of your home etc… Other such values may be calculated rather 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 puts windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, residents of Bogota, will most probably experience impressive declines on weekly costs for heating & cooling. If you already have dual pane windows you could save about $119.55 compared to $100 in Atlantic City. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $404.92 annually, compared to $274 in Atlantic City.
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Improve your Bogota Home’s Value through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could increase 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 return on investment on energy savings when it comes time to sell? The following is what we uncovered in Bogota:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Bogota, your home value could increase by between $717.28 and $1049.62 for a mid-tier or top-tier Bogota home respectively. Compare this to, the same upgrade in Atlantic City could yield somewhere between $600 and $878.
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Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Bogota homeowners could yield an estimated home value gain of between $2429.5 for mid-tier homes and $3555.16 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
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In other words, a window upgrade in Bogota can add between 0.2% percent and 0.98 % percent to the asking price of your home through the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Bogota homeowner is quite strong.
The variation between the range for Bogota and Atlantic City, which for reference, would yield a potential premium range of 0.16% percent and 0.24% percent respectively, is derived from a number of factors, in particular; the 2.17% 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 heating & cooling cost differences between Bogota and Atlantic City.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and meticulous research conducted by the NAHB. Bogota home value data is provided by Zillow.
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