Value You Can Measure
Norwich property owners have countless good reasons to change their windows. Fixing damaged windows, changing the aesthetics of your home etc… Other such features can be measured quite explicitly.
First of all, 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.
In terms of energy savings, people living in Norwich, should experience important savings on annual expenditures for electricity. If you already have dual pane windows you may save approximately $177.44 compared to $172 in Hartford. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $472.92 every year, compared to $439 in Hartford.
Improve your Norwich Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows may 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 determine : What’s the return on investment on energy savings when selling the house? The following is what we discovered in Norwich:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Norwich, your home value could increase by between $1064.62 and $1557.89 for a mid-tier or top-tier Norwich home respectively. For comparison, the same replacement 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. Norwich homeowners could see an estimated home value increase of between $2837.51 for mid-tier homes and $4152.23 for the top tier. Compare this to between $2634 and $3854.42 in Hartford.
In other words, a window investment in Norwich can add anywhere from 0.68% percent and 2.67 % 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 upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Norwich homeowner is quite clear.
The variation between the range for Norwich and Hartford, which for reference, would yield a potential premium range of 0.66% percent and 0.97% percent respectively, is dependent on a number of factors, particularly; the 0.35% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price range in the Norwich-New London region, and heating & cooling cost differences between Norwich and Hartford.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and professional research done by the NAHB. Norwich home value data is provided by Zillow.
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