Savings Category: Replacement Window Savings

Description

Value You Can Measure

Gorham residents have many strong reasons to replace their windows. Repairing broken windows, renewing the style of your home etc… Certain such features may be calculated quite clearly.

To start, windows retain 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, homeowners in Gorham, could see large decreases on annual costs for electricity. If you already have dual pane windows you may save about $164.39 compared to $172 in Concord. By comparison, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $420.94 per annum, compared to $472 in Concord.

Increase your Gorham Home’s Resale Price through Energy Savings

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Switching your windows to EnergyStar rated National Vinyl windows may increase the asking 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 ascertain : What’s the ROI on energy savings when it comes time to sell? The following is what we uncovered in Gorham:

Basic Dual-Pane to National Vinyl

If you already have dual-pane windows (non-EnergyStar rated), in Gorham, your home value could increase by around $821.94 and $1093.19 for a mid-tier or top-tier Gorham home respectively. For comparison, the same upgrade in Concord could add somewhere between $860 and $1143.8.

Single-Pane to National Vinyl

When upgrading from low-efficiency single-pane windows, the potential is even greater. Gorham homeowners could expect an estimated home value increase of between $2104.72 for mid-tier homes and $2799.28 for the top tier. Compare this to between $2360 and $3138.8 in Concord.

Another way to look at it, a window upgrade in Gorham can add anywhere from 0.64% percent and 2.18 % percent to the asking price 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 initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Gorham homeowner is quite strong.

The variation between the range for Gorham and Concord, which for reference, would yield a potential premium range of 0.67% percent and 0.89% percent respectively, is derived from a number of factors, principally; the -0.49% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price point in the Berlin region, and heating & cooling cost differences between Gorham and Concord.

The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and expert research executed by the NAHB. Gorham home value data is provided by Zillow.

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