Description
Value You Can Measure
Farmington homeowners have plenty good reasons to upgrade their windows. Fixing old windows, changing the design of your home etc… Other such benefits can be calculated quite 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 puts windows among the top 5 home improvement investments in terms of value retention.
In terms of energy savings, residents of Farmington, should see impressive declines on weekly bill for home energy. If you already have dual pane windows you may save around $170.17 compared to $172 in Concord. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $459.7 every year, compared to $472 in Concord.
Grow your Farmington Home’s Asking Price through Energy Savings
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Replacing 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 evaluate : What’s the return on energy savings if you sell your home? What follows is what we discovered in Farmington:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Farmington, your home value could increase by around $1021 and $1494.06 for a mid-tier or top-tier Farmington home respectively. For comparison, the same replacement in Concord could add somewhere between $1032 and $1510.16.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Farmington homeowners could yield an estimated home value increase of between $2758.22 for mid-tier homes and $4036.19 for the top tier. Compare this to between $2832 and $4144.16 in Concord.
Put differently, a window investment in Farmington can add anywhere from 0.46% percent and 1.81 % percent to the value of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Farmington homeowner is quite strong.
The variation between the range for Farmington and Concord, which for reference, would yield a potential premium range of 0.46% percent and 0.68% percent respectively, is derived from a number of factors, especially; the -0.12% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the Boston-Cambridge-Newton region, and heating & cooling price differences between Farmington and Concord.
The data presented is derived from EnergyStar, the NREL,Department of Energy and meticulous research done by the NAHB. Farmington 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: Farmington vs the rest of New Hampshire
Find out how investing in new windows in Farmington compares to other nearby New Hampshire cities.