Value You Can Measure
Laurel residents have countless great reasons to upgrade their windows. Upgrading damaged windows, refining the design of your home etc… Many such benefits can be quantified relatively accurately.
First of all, windows retain 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.
In terms of energy savings, households located in Laurel, should notice major declines on monthly spending for heating & cooling. If you already have dual pane windows you could save approximately $250.43 compared to $174 in Buffalo. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $937.3 per annum, compared to $452 in Buffalo.
Build your Laurel Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could 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.
In addition, 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 on the market? Here is what we found in Laurel:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Laurel, your home value could increase by around $2644.49 and $3687.77 for a mid-tier or top-tier Laurel home respectively. Compare this to, the same upgrade in Buffalo could yield somewhere between $1837.44 and $2562.32.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Laurel homeowners could expect an estimated home value gain of between $9897.87 for mid-tier homes and $13802.65 for the top tier. Compare this to between $4773.12 and $6656.15 in Buffalo.
Another way to look at it, a window investment in Laurel can add anywhere from 0.43% percent and 2.24 % percent to the sale 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 worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Laurel homeowner is quite strong.
The variation between the range for Laurel and Buffalo, which for reference, would yield a potential premium range of 0.3% percent and 0.42% percent respectively, is derived from a number of factors, primarily; the 4.88% percent difference in median home prices, a buyers’ propensity 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 Laurel and Buffalo.
The data presented is based on EnergyStar, the NREL,Department of Energy and meticulous research conducted by the National Association of Homebuilders. Laurel home value data is provided by Zillow.
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