Value You Can Measure
Hyde Park property owners have a whole host good reasons to upgrade their windows. Updating broken windows, refining the style of your home etc… Some such benefits may be quantified quite accurately.
Firstly, windows preserve about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This puts windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, homeowners in Hyde Park, could have dramatic savings on daily expenditures for electricity. If you already have dual pane windows you may save about $194.55 compared to $174 in Buffalo. In contrast, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $582.51 every year, compared to $452 in Buffalo.
Improve your Hyde Park Home’s Asking Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows can add to 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to find out : What’s the return on investment on energy savings if you put your house up for sale? The following is what we discovered in Hyde Park:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Hyde Park, your home value could increase by between $1167.32 and $1708.18 for a mid-tier or top-tier Hyde Park home respectively. Compare this to, the same replacement in Buffalo could add somewhere between $1044 and $1527.72.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Hyde Park homeowners could see an estimated home value gain of between $3495.07 for mid-tier homes and $5114.46 for the top tier. Compare this to between $2712 and $3968.56 in Buffalo.
Put differently, a window investment in Hyde Park can add anywhere from 0.48% percent and 2.11 % 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 value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Hyde Park homeowner is relatively clear.
The variation between the range for Hyde Park and Buffalo, which for reference, would yield a potential premium range of 0.43% percent and 0.63% percent respectively, is dependent on a number of factors, in particular; the 1.31% 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 energy cost differences between Hyde Park and Buffalo.
The data presented is based on EnergyStar, the NREL,Department of Energy and professional research done by the National Association of Homebuilders. Hyde Park home value data is provided by Zillow.
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