Description
Value You Can Measure
Cleveland homeowners have a whole host good reasons to replace their windows. Upgrading old windows, improving the look and feel of your home etc… Many such benefits can be quantified quite explicitly.
First of all, windows preserve 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, houses in Cleveland, are likely to experience significant declines on monthly costs for electricity. If you already have dual pane windows you could save approximately $172.99 compared to $174 in Buffalo. By comparison, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $445.6 annually, compared to $452 in Buffalo.
Increase your Cleveland 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to ascertain : What’s the ROI on energy savings if you sell your home? Below is what we estimated in Cleveland:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Cleveland, your home value could increase by between $864.96 and $1150.4 for a mid-tier or top-tier Cleveland home respectively. Compare this to, the same replacement in Buffalo could yield somewhere between $870 and $1157.1.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Cleveland homeowners may expect an estimated home value increase of between $2227.99 for mid-tier homes and $2963.23 for the top tier. Compare this to between $2260 and $3005.8 in Buffalo.
Put differently, a window upgrade in Cleveland can add anywhere from 0.88% percent and 3.02 % 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 Cleveland homeowner is quite strong.
The variation between the range for Cleveland and Buffalo, which for reference, would yield a potential premium range of 0.89% percent and 1.18% percent respectively, may come from a number of factors, notably; the -0.06% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the Syracuse region, and energy cost differences between Cleveland and Buffalo.
The data presented is based on EnergyStar, the NREL,Department of Energy and extensive research performed by the NAHB. Cleveland 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: Cleveland vs the rest of New York
Find out how investing in new windows in Cleveland compares to other nearby New York cities.