Value You Can Measure
Colonia homeowners have countless good reasons to replace their windows. Replacing old windows, improving the decor of your home etc… Certain such features can be quantified relatively explicitly.
For starters, 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.
As for energy savings, houses in Colonia, may see considerable drops on weekly costs for electricity. If you already have dual pane windows you could save approximately $120.01 compared to $100 in Atlantic City. Whereas, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $408 per annum, compared to $274 in Atlantic City.
Increase your Colonia Home’s Resale Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows may add to the value 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 uncover : What’s the return on energy savings when it comes time to sell? Below is what we estimated in Colonia:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Colonia, your home value could increase by between $720.04 and $1053.66 for a mid-tier or top-tier Colonia home respectively. For comparison, the same upgrade in Atlantic City may get you somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Colonia homeowners could see an estimated home value gain of between $2448.02 for mid-tier homes and $3582.27 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
Put differently, a window upgrade in Colonia can add anywhere from 0.19% percent and 0.97 % percent to the value of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Colonia homeowner is relatively strong.
The variation between the range for Colonia 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, especially; the 2.22% percent difference in median home prices, a buyers’ likelihood 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 Colonia and Atlantic City.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and professional research executed by the National Association of Homebuilders. Colonia home value data is provided by Zillow.
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