Description
Value You Can Measure
Oakland residents have a multitude strong reasons to upgrade their windows. Upgrading damaged windows, improving the design of your home etc… Other such values can be quantified quite clearly.
Firstly, windows conserve 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.
As for energy savings, people living in Oakland, are likely to notice major declines on weekly costs for heating & cooling. If you already have dual pane windows you may save approximately $127.34 compared to $100 in Atlantic City. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $457.09 per annum, compared to $274 in Atlantic City.
Improve your Oakland Home’s Value through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows can add to the value 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 when it comes time to sell? Here is what we estimated in Oakland:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Oakland, your home value could increase by around $764.01 and $1118 for a mid-tier or top-tier Oakland home respectively. Compare this to, the same upgrade in Atlantic City could add somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Oakland homeowners could expect an estimated home value increase of between $2742.51 for mid-tier homes and $4013.21 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
Put differently, a window upgrade in Oakland can add anywhere from 0.17% percent and 0.87 % percent to the sale price of your home via the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained initial value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Oakland homeowner is quite strong.
The variation between the range for Oakland and Atlantic City, which for reference, would yield a potential premium range of 0.13% percent and 0.19% percent respectively, may come from a number of factors, particularly; the 3.04% percent difference in median home prices, a buyers’ willingness 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 Oakland and Atlantic City.
The data presented is based on EnergyStar, the NREL,Department of Energy and expert research done by the National Association of Homebuilders. Oakland 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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