Value You Can Measure
Cambridge residents have plenty good reasons to change their windows. Replacing old windows, revamping the style of your home etc… Other such benefits should be measured quite exactly.
For starters, windows conserve 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, homeowners in Cambridge, may have significant reductions on monthly spending for heating & cooling. If you already have dual pane windows you may save about $117.62 compared to $114 in Boston. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $370.69 per annum, compared to $344 in Boston.
Improve your Cambridge Home’s Resale Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could 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 uncover : What’s the return on investment on energy savings if you sell your home? The following is what we found in Cambridge:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Cambridge, your home value could increase by between $1242.05 and $1732.05 for a mid-tier or top-tier Cambridge home respectively. For comparison, the same replacement in Boston could add somewhere between $1203.84 and $1678.76.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Cambridge homeowners may yield an estimated home value increase of between $3914.51 for mid-tier homes and $5458.81 for the top tier. Compare this to between $3632.64 and $5065.74 in Boston.
Put differently, a window upgrade in Cambridge can add between 0.14% percent and 0.63 % 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 value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Cambridge homeowner is relatively strong.
The variation between the range for Cambridge and Boston, which for reference, would yield a potential premium range of 0.14% percent and 0.2% percent respectively, is dependent on a number of factors, notably; the 0.35% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the Boston-Cambridge-Newton region, and heating & cooling price differences between Cambridge and Boston.
The data presented is based on EnergyStar, the NREL,Department of Energy and professional research performed by the National Association of Homebuilders. Cambridge home value data is provided by Zillow.
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