Value You Can Measure
Lawrence residents have many great reasons to upgrade their windows. Upgrading broken windows, refining the aesthetics of your home etc… Other such values may be calculated quite exactly.
For starters, 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.
In terms of energy savings, homeowners in Lawrence, will most probably experience major decreases on annual spending for energy. If you already have dual pane windows you may save approximately $363.25 compared to $174 in Buffalo. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $1653.75 annually, compared to $452 in Buffalo.
Build your Lawrence Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could add to 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 uncover : What’s the premium for energy savings when it comes time to sell? The following is what we estimated in Lawrence:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Lawrence, your home value could increase by around $4722.3 and $7479.03 for a mid-tier or top-tier Lawrence home respectively. Compare this to, the same upgrade in Buffalo could yield somewhere between $2262 and $3582.49.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Lawrence homeowners could see an estimated home value gain of between $21498.73 for mid-tier homes and $34049.03 for the top tier. Compare this to between $5876 and $9306.23 in Buffalo.
Another way to look at it, a window investment in Lawrence can add anywhere from 0.34% percent and 2.48 % 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 upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Lawrence homeowner is relatively strong.
The variation between the range for Lawrence and Buffalo, which for reference, would yield a potential premium range of 0.16% percent and 0.26% percent respectively, is dependent on a number of factors, principally; the 12.09% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price range in the New York-Newark-Jersey City region, and energy price differences between Lawrence and Buffalo.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and meticulous research conducted by the National Association of Homebuilders. Lawrence home value data is provided by Zillow.
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