Value You Can Measure
Kings Park property owners have a whole host good reasons to replace their windows. Updating broken windows, improving the design of your home etc… Certain such values can be quantified relatively clearly.
To start, 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.
With regards to energy savings, residents of Kings Park, are likely to notice major declines on annual spending for home energy. If you already have dual pane windows you could save about $232.49 compared to $174 in Buffalo. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $823.43 every year, compared to $452 in Buffalo.
Increase your Kings Park Home’s Value through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows may increase 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to estimate : What’s the premium for energy savings if you sell your home? Below is what we estimated in Kings Park:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Kings Park, your home value could increase by between $1394.96 and $2041.29 for a mid-tier or top-tier Kings Park home respectively. For comparison, 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. Kings Park homeowners may expect an estimated home value increase of between $4940.56 for mid-tier homes and $7229.68 for the top tier. Compare this to between $2712 and $3968.56 in Buffalo.
Put differently, a window upgrade in Kings Park can add anywhere from 0.28% percent and 1.46 % percent to the asking 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 value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Kings Park homeowner is relatively clear.
The variation between the range for Kings Park and Buffalo, which for reference, would yield a potential premium range of 0.21% percent and 0.31% percent respectively, is dependent on a number of factors, primarily; the 3.74% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the New York-Newark-Jersey City region, and heating & cooling price differences between Kings Park and Buffalo.
The data presented is derived from EnergyStar, the NREL,Department of Energy and meticulous research done by the National Association of Homebuilders. Kings Park home value data is provided by Zillow.
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