Description
Value You Can Measure
Mill Neck residents have a whole host strong reasons to change their windows. Fixing leaky windows, renewing the look and feel of your home etc… Some such benefits can be measured 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 puts windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, households located in Mill Neck, may have dramatic savings on weekly costs for home energy. If you already have dual pane windows you may save approximately $400.63 compared to $174 in Buffalo. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $1891.08 annually, compared to $452 in Buffalo.
Increase your Mill Neck Home’s Resale Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows could add to 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.
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 on the market? The following is what we discovered in Mill Neck:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Mill Neck, your home value could increase by between $5208.18 and $8248.55 for a mid-tier or top-tier Mill Neck home respectively. For comparison, 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. Mill Neck homeowners could yield an estimated home value gain of between $24584.03 for mid-tier homes and $38935.43 for the top tier. Compare this to between $5876 and $9306.23 in Buffalo.
Another way to look at it, a window upgrade in Mill Neck can add between 0.32% percent and 2.4 % percent to the asking price of your home through 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 Mill Neck homeowner is quite clear.
The variation between the range for Mill Neck and Buffalo, which for reference, would yield a potential premium range of 0.14% percent and 0.22% percent respectively, is dependent on a number of factors, principally; the 14.47% percent difference in median home prices, a buyers’ likelihood 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 Mill Neck and Buffalo.
The data presented is based on EnergyStar, the NREL,Department of Energy and professional research done by the NAHB. Mill Neck home value data is provided by Zillow.
Data Sources & Disclaimers
Sources:
https://www.bls.gov/regions/
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption
https://www.energy.gov/energysaver/design/windows-doors-and-skylights/update-or-replace-windows
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption#by%20end%20uses
https://openei.org/wiki/NSTAR_Electric_Company
https://www.aceee.org/press/2018/10/aceee-2018-state-energy-efficiency
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187724.php?page_id=32&pid=NAH
http://eyeonhousing.org/2019/04/how-much-are-buyers-willing-to-pay-for-energy-efficiency/
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187731.php
https://www.remodeling.hw.net/cost-vs-value/2020/new-england/
Disclaimer: The information on our website is general in nature and is not intended as a substitute for competent legal, financial or engineering advice.
Although National Vinyl is a Member of the National Homebuilders association and TrustGard windows are the recipient of EnergyStar’s “Most Efficient”,
we wish to state clearly and unequivocally: the information provided does not consitute an endorsement by or from any third party. We make no representation as to the accuracy of the information entered by third parties.We, our directors or shareholders disclaim any liability for any damages or loss arising from your use thereof.
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Energy Savings & ROI: Mill Neck vs the rest of New York
Find out how investing in new windows in Mill Neck compares to other nearby New York cities.