Description
Value You Can Measure
Old Mystic property owners have countless great reasons to change their windows. Replacing old windows, refining the style of your home etc… Certain such features can be measured relatively precisely.
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.
In terms of energy savings, houses in Old Mystic, should have considerable decreases on annual expenditures for heating & cooling. If you already have dual pane windows you could save around $188.97 compared to $172 in Hartford. On the other hand, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $544.88 every year, compared to $439 in Hartford.
Grow your Old Mystic Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could increase 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 figure out : What’s the ROI on energy savings when it comes time to sell? The following is what we uncovered in Old Mystic:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Old Mystic, your home value could increase by around $1133.82 and $1659.16 for a mid-tier or top-tier Old Mystic home respectively. For comparison, the same replacement in Hartford could add somewhere between $1032 and $1510.16.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Old Mystic homeowners could see an estimated home value gain of between $3269.26 for mid-tier homes and $4784.02 for the top tier. Compare this to between $2634 and $3854.42 in Hartford.
In other words, a window upgrade in Old Mystic can add between 0.47% percent and 1.98 % percent to the sale price of your home through the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Old Mystic homeowner is relatively clear.
The variation between the range for Old Mystic and Hartford, which for reference, would yield a potential premium range of 0.43% percent and 0.63% percent respectively, may come from a number of factors, especially; the 1.1% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the Norwich-New London region, and heating & cooling price differences between Old Mystic and Hartford.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and meticulous research conducted by the NAHB. Old Mystic 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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Energy Savings & ROI: Old Mystic vs the rest of Connecticut
Find out how investing in new windows in Old Mystic compares to other nearby Connecticut cities.