Value You Can Measure
Otego property owners have a multitude strong reasons to upgrade their windows. Repairing damaged windows, changing the aesthetics of your home etc… Other such benefits should be calculated relatively 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 sets windows among the top 5 home improvement investments in terms of value retention.
In terms of energy savings, households located in Otego, are likely to experience impressive savings on daily costs for electricity. If you already have dual pane windows you may save about $182.65 compared to $174 in Buffalo. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $506.9 annually, compared to $452 in Buffalo.
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Build your Otego Home’s Resale Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows can 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 evaluate : What’s the premium for energy savings if you sell your home? The following is what we found in Otego:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Otego, your home value could increase by between $1095.88 and $1603.63 for a mid-tier or top-tier Otego home respectively. For comparison, the same upgrade in Buffalo could yield somewhere between $1044 and $1527.72.
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Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Otego homeowners could expect an estimated home value gain of between $3041.42 for mid-tier homes and $4450.61 for the top tier. Compare this to between $2712 and $3968.56 in Buffalo.
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In other words, a window upgrade in Otego can add anywhere from 0.67% percent and 2.73 % percent to the value 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 value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Otego homeowner is quite clear.
The variation between the range for Otego and Buffalo, which for reference, would yield a potential premium range of 0.64% percent and 0.94% percent respectively, may come from a number of factors, especially; the 0.55% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the Oneonta region, and heating & cooling cost differences between Otego and Buffalo.
The data presented is based on EnergyStar, the NREL,Department of Energy and extensive research performed by the National Association of Homebuilders. Otego home value data is provided by Zillow.
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