Value You Can Measure
Derby property owners have plenty valid reasons to upgrade their windows. Upgrading damaged windows, changing the aesthetics of your home etc… Many such features can be quantified relatively precisely.
For starters, 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, homes in Derby, may see dramatic decreases on weekly spending for heating & cooling. If you already have dual pane windows you could save about $181.41 compared to $172 in Hartford. Whereas, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $497.72 annually, compared to $439 in Hartford.
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Increase your Derby Home’s Value through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could add to 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 estimate : What’s the premium for energy savings when it comes time to sell? The following is what we estimated in Derby:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Derby, your home value could increase by between $1088.47 and $1592.79 for a mid-tier or top-tier Derby home respectively. For comparison, the same replacement in Hartford could yield somewhere between $1032 and $1510.16.
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Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Derby homeowners could expect an estimated home value gain of between $2986.31 for mid-tier homes and $4369.97 for the top tier. Compare this to between $2634 and $3854.42 in Hartford.
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Another way to look at it, a window upgrade in Derby can add anywhere from 0.59% percent and 2.36 % 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 initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Derby homeowner is quite clear.
The variation between the range for Derby and Hartford, which for reference, would yield a potential premium range of 0.56% percent and 0.82% percent respectively, is dependent on a number of factors, notably; the 0.61% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the New Haven-Milford region, and heating & cooling cost differences between Derby and Hartford.
The data presented is derived from EnergyStar, the NREL,Department of Energy and meticulous research conducted by the National Association of Homebuilders. Derby home value data is provided by Zillow.
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