Value You Can Measure
Milford property owners have plenty valid reasons to change their windows. Updating broken windows, improving the aesthetics of your home etc… Some such benefits should be counted rather precisely.
Firstly, 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.
In terms of energy savings, households located in Milford, will most probably notice major reductions on annual spending for energy. If you already have dual pane windows you may save around $174.69 compared to $172 in Concord. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $490.07 per annum, compared to $472 in Concord.
Grow your Milford Home’s Asking Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows could increase 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to figure out : What’s the premium for energy savings on the market? This is what we estimated in Milford:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Milford, your home value could increase by around $1048.16 and $1533.81 for a mid-tier or top-tier Milford home respectively. For comparison, the same upgrade in Concord could yield somewhere between $1032 and $1510.16.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Milford homeowners may see an estimated home value increase of between $2940.42 for mid-tier homes and $4302.81 for the top tier. Compare this to between $2832 and $4144.16 in Concord.
Another way to look at it, a window upgrade in Milford can add anywhere from 0.35% percent and 1.45 % 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 worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Milford homeowner is relatively strong.
The variation between the range for Milford and Concord, which for reference, would yield a potential premium range of 0.35% percent and 0.51% percent respectively, can be estimated from a number of factors, in particular; the 0.17% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price point in the Manchester-Nashua region, and heating & cooling cost differences between Milford and Concord.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and meticulous research performed by the NAHB. Milford home value data is provided by Zillow.
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