Value You Can Measure
New Milford residents have plenty excellent reasons to change their windows. Upgrading leaky windows, revamping the aesthetics of your home etc… Many such benefits can be calculated relatively explicitly.
To start, windows conserve 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.
As for energy savings, households located in New Milford, may see significant drops on daily costs for heating & cooling. If you already have dual pane windows you could save about $194.83 compared to $172 in Hartford. In contrast, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $581.44 annually, compared to $439 in Hartford.
Build your New Milford Home’s Resale Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows may 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to determine : What’s the ROI on energy savings on the market? What follows is what we estimated in New Milford:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in New Milford, your home value could increase by around $1168.98 and $1710.61 for a mid-tier or top-tier New Milford home respectively. Compare this to, the same upgrade in Hartford may get you somewhere between $1032 and $1510.16.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. New Milford homeowners could yield an estimated home value gain of between $3488.63 for mid-tier homes and $5105.03 for the top tier. Compare this to between $2634 and $3854.42 in Hartford.
Another way to look at it, a window upgrade in New Milford can add between 0.41% percent and 1.79 % percent to the sale price of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a New Milford homeowner is quite clear.
The variation between the range for New Milford and Hartford, which for reference, would yield a potential premium range of 0.36% percent and 0.53% percent respectively, is dependent on a number of factors, in particular; the 1.47% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the Torrington region, and heating & cooling cost differences between New Milford and Hartford.
The data presented is derived from EnergyStar, the NREL,Department of Energy and extensive research executed by the NAHB. New Milford home value data is provided by Zillow.
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