Value You Can Measure
Hopatcong residents have plenty excellent reasons to upgrade their windows. Repairing damaged windows, refining the decor of your home etc… Some such benefits can be quantified relatively 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.
With regards to energy savings, households located in Hopatcong, are likely to see large drops on annual costs for electricity. If you already have dual pane windows you may save about $110.75 compared to $100 in Atlantic City. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $346.02 per year, compared to $274 in Atlantic City.
Grow your Hopatcong Home’s Asking Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows can add to 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to evaluate : What’s the ROI on energy savings when it comes time to sell? Below is what we estimated in Hopatcong:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Hopatcong, your home value could increase by around $664.52 and $972.41 for a mid-tier or top-tier Hopatcong home respectively. Compare this to, the same replacement 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. Hopatcong homeowners may expect an estimated home value gain of between $2076.14 for mid-tier homes and $3038.09 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
Put differently, a window investment in Hopatcong can add between 0.26% percent and 1.21 % 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 upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Hopatcong homeowner is relatively strong.
The variation between the range for Hopatcong and Atlantic City, which for reference, would yield a potential premium range of 0.24% percent and 0.35% percent respectively, may come from a number of factors, especially; the 1.19% 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 Hopatcong and Atlantic City.
The data presented is derived from EnergyStar, the NREL,Department of Energy and professional research done by the NAHB. Hopatcong home value data is provided by Zillow.
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