Value You Can Measure
Newmarket homeowners have countless strong reasons to upgrade their windows. Upgrading old windows, refining the aesthetics of your home etc… Many such values should be quantified rather clearly.
For starters, 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, people living in Newmarket, may experience large savings on weekly expenditures for energy. If you already have dual pane windows you may save around $175.99 compared to $172 in Concord. By comparison, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $498.8 every year, compared to $472 in Concord.
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Build your Newmarket Home’s Asking Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows can 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to find out : What’s the return on energy savings on the market? The following is what we estimated in Newmarket:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Newmarket, your home value could increase by between $1055.97 and $1545.23 for a mid-tier or top-tier Newmarket home respectively. For comparison, the same replacement in Concord 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. Newmarket homeowners could see an estimated home value gain of between $2992.79 for mid-tier homes and $4379.44 for the top tier. Compare this to between $2832 and $4144.16 in Concord.
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Another way to look at it, a window upgrade in Newmarket can add anywhere from 0.33% percent and 1.38 % percent to the asking price of your home via 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 Newmarket homeowner is quite strong.
The variation between the range for Newmarket and Concord, which for reference, would yield a potential premium range of 0.32% percent and 0.48% percent respectively, may come from a number of factors, especially; the 0.26% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price point in the Boston-Cambridge-Newton region, and heating & cooling price differences between Newmarket and Concord.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and incredible research performed by the NAHB. Newmarket home value data is provided by Zillow.
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