Value You Can Measure
Hoboken homeowners have a multitude strong reasons to change their windows. Updating old windows, revamping the design of your home etc… Many such features should be quantified rather accurately.
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 sets windows among the top 5 home improvement investments in terms of value retention.
In terms of energy savings, residents of Hoboken, may experience dramatic savings on weekly spending for energy. If you already have dual pane windows you may save around $147.43 compared to $100 in Atlantic City. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $591.66 per annum, compared to $274 in Atlantic City.
Grow your Hoboken Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could 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 determine : What’s the premium for energy savings if you sell your home? This is what we estimated in Hoboken:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Hoboken, your home value could increase by between $1556.84 and $2171.02 for a mid-tier or top-tier Hoboken home respectively. Compare this to, the same upgrade in Atlantic City could add somewhere between $1056 and $1472.6.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Hoboken homeowners could expect an estimated home value increase of between $6247.95 for mid-tier homes and $8712.82 for the top tier. Compare this to between $2893.44 and $4034.92 in Atlantic City.
Put differently, a window investment in Hoboken can add between 0.22% percent and 1.21 % percent to the sale price of your home through the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Hoboken homeowner is quite strong.
The variation between the range for Hoboken and Atlantic City, which for reference, would yield a potential premium range of 0.15% percent and 0.2% percent respectively, may come from a number of factors, primarily; the 5.27% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price point in the New York-Newark-Jersey City region, and energy cost differences between Hoboken and Atlantic City.
The data presented is derived from EnergyStar, the NREL,Department of Energy and professional research performed by the NAHB. Hoboken home value data is provided by Zillow.
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