Description
Value You Can Measure
Carteret property owners have a whole host valid reasons to replace their windows. Repairing broken windows, refining the design of your home etc… Many such features may be measured quite explicitly.
To begin with, 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, residents of Carteret, can expect to notice major drops on daily expenditures for energy. If you already have dual pane windows you could save approximately $114.91 compared to $100 in Atlantic City. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $373.87 per year, compared to $274 in Atlantic City.
Build your Carteret Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows can 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to evaluate : What’s the return on energy savings if you sell your home? Here is what we found in Carteret:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Carteret, your home value could increase by around $689.47 and $1008.92 for a mid-tier or top-tier Carteret home respectively. For comparison, the same upgrade in Atlantic City could yield somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Carteret homeowners may see an estimated home value gain of between $2243.23 for mid-tier homes and $3282.59 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
In other words, a window upgrade in Carteret can add between 0.23% percent and 1.08 % percent to the asking price of your home through the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained initial value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Carteret homeowner is quite clear.
The variation between the range for Carteret and Atlantic City, which for reference, would yield a potential premium range of 0.2% percent and 0.29% percent respectively, is derived from a number of factors, primarily; the 1.66% 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 Carteret and Atlantic City.
The data presented is based on EnergyStar, the NREL,Department of Energy and expert research executed by the National Association of Homebuilders. Carteret 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: Carteret vs the rest of New Jersey
Find out how investing in new windows in Carteret compares to other nearby New Jersey cities.