Description
Value You Can Measure
Highland Park property owners have countless strong reasons to upgrade their windows. Updating leaky windows, changing the decor of your home etc… Some such features may be quantified relatively exactly.
To begin with, 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.
In terms of energy savings, residents of Highland Park, can expect to notice important decreases on monthly costs for energy. If you already have dual pane windows you could save around $117.88 compared to $100 in Atlantic City. Whereas, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $393.72 per annum, compared to $274 in Atlantic City.
Increase your Highland Park Home’s Resale Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows can 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to figure out : What’s the return on energy savings on the market? Below is what we found in Highland Park:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Highland Park, your home value could increase by around $707.25 and $1034.94 for a mid-tier or top-tier Highland Park 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. Highland Park homeowners could expect an estimated home value increase of between $2362.34 for mid-tier homes and $3456.89 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
In other words, a window investment in Highland Park can add anywhere from 0.21% percent and 1.01 % percent to the sale price of your home via 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 Highland Park homeowner is quite clear.
The variation between the range for Highland Park and Atlantic City, which for reference, would yield a potential premium range of 0.18% percent and 0.26% percent respectively, can be estimated from a number of factors, principally; the 1.99% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the New York-Newark-Jersey City region, and heating & cooling cost differences between Highland Park and Atlantic City.
The data presented is based on EnergyStar, the NREL,Department of Energy and extensive research executed by the NAHB. Highland Park 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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