Value You Can Measure
Newington property owners have a whole host valid reasons to replace their windows. Replacing old windows, changing the aesthetics of your home etc… Some such values can be counted quite precisely.
First of all, windows preserve about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This places windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, people living in Newington, can expect to notice important drops on monthly expenditures for energy. If you already have dual pane windows you could save about $186.69 compared to $172 in Hartford. By comparison, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $530.66 every year, compared to $439 in Hartford.
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Increase your Newington 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to ascertain : What’s the return on investment on energy savings when selling the house? The following is what we found in Newington:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Newington, your home value could increase by around $1120.15 and $1639.15 for a mid-tier or top-tier Newington home respectively. For comparison, the same replacement in Hartford may get you somewhere between $1032 and $1510.16.
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Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Newington homeowners may expect an estimated home value gain of between $3183.96 for mid-tier homes and $4659.19 for the top tier. Compare this to between $2634 and $3854.42 in Hartford.
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In other words, a window investment in Newington can add between 0.5% percent and 2.08 % percent to the value of your home via 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 Newington homeowner is quite clear.
The variation between the range for Newington and Hartford, which for reference, would yield a potential premium range of 0.46% percent and 0.67% percent respectively, may come from a number of factors, notably; the 0.95% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the Hartford-West Hartford-East Hartford region, and energy price differences between Newington and Hartford.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and expert research performed by the National Association of Homebuilders. Newington home value data is provided by Zillow.
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