Value You Can Measure
Chatham property owners have a variety great reasons to upgrade their windows. Fixing broken windows, refining the design of your home etc… Some such values can be calculated quite clearly.
To start, 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, houses in Chatham, can expect to notice large reductions on monthly bill for electricity. If you already have dual pane windows you could save around $115.18 compared to $114 in Boston. On the other hand, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $352.72 per annum, compared to $344 in Boston.
Increase your Chatham Home’s Resale Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows can increase 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to find out : What’s the premium for energy savings when selling the house? Below is what we estimated in Chatham:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Chatham, your home value could increase by around $1216.32 and $1696.17 for a mid-tier or top-tier Chatham home respectively. For comparison, the same upgrade 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. Chatham homeowners could expect an estimated home value gain of between $3724.68 for mid-tier homes and $5194.1 for the top tier. Compare this to between $3632.64 and $5065.74 in Boston.
Put differently, a window investment in Chatham can add anywhere from 0.17% percent and 0.73 % percent to the sale 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 Chatham homeowner is relatively clear.
The variation between the range for Chatham and Boston, which for reference, would yield a potential premium range of 0.17% percent and 0.24% percent respectively, can be estimated from a number of factors, notably; the 0.12% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the Barnstable Town region, and heating & cooling cost differences between Chatham and Boston.
The data presented is derived from EnergyStar, the NREL,Department of Energy and extensive research conducted by the National Association of Homebuilders. Chatham home value data is provided by Zillow.
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