Description
Value You Can Measure
Higganum residents have a multitude great reasons to change their windows. Repairing leaky windows, refining the design of your home etc… Certain such benefits can be calculated quite accurately.
Firstly, windows maintain 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.
In terms of energy savings, people living in Higganum, should have dramatic drops on monthly bill for electricity. If you already have dual pane windows you could save approximately $195.52 compared to $172 in Hartford. On the other hand, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $585.73 every year, compared to $439 in Hartford.
Increase your Higganum Home’s Resale Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows could increase 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 investment on energy savings when it comes time to sell? This is what we estimated in Higganum:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Higganum, your home value could increase by around $1173.11 and $1716.65 for a mid-tier or top-tier Higganum home respectively. Compare this to, the same replacement in Hartford 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. Higganum homeowners may expect an estimated home value increase of between $3514.39 for mid-tier homes and $5142.73 for the top tier. Compare this to between $2634 and $3854.42 in Hartford.
Another way to look at it, a window investment in Higganum can add anywhere from 0.4% percent and 1.77 % percent to the sale price of your home via 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 Higganum homeowner is relatively strong.
The variation between the range for Higganum and Hartford, which for reference, would yield a potential premium range of 0.36% percent and 0.52% percent respectively, can be estimated from a number of factors, notably; the 1.52% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the Hartford-West Hartford-East Hartford region, and heating & cooling cost differences between Higganum and Hartford.
The data presented is based on EnergyStar, the NREL,Department of Energy and incredible research performed by the National Association of Homebuilders. Higganum 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: Higganum vs the rest of Connecticut
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