Value You Can Measure
Palmer residents have plenty excellent reasons to upgrade their windows. Upgrading broken windows, renewing the aesthetics of your home etc… Many such features can be counted rather precisely.
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.
As for energy savings, homeowners in Palmer, may notice considerable decreases on daily expenditures for electricity. If you already have dual pane windows you could save approximately $107.07 compared to $114 in Boston. Whereas, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $292.91 every year, compared to $344 in Boston.
Grow your Palmer Home’s Value 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to figure out : What’s the premium for energy savings if you put your house up for sale? This is what we estimated in Palmer:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Palmer, your home value could increase by between $642.44 and $940.1 for a mid-tier or top-tier Palmer home respectively. Compare this to, the same replacement in Boston could yield somewhere between $684 and $1000.92.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Palmer homeowners could yield an estimated home value gain of between $1757.45 for mid-tier homes and $2571.73 for the top tier. Compare this to between $2064 and $3020.32 in Boston.
In other words, a window upgrade in Palmer can add between 0.31% percent and 1.25 % percent to the value of your home through 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 Palmer homeowner is relatively clear.
The variation between the range for Palmer and Boston, which for reference, would yield a potential premium range of 0.33% percent and 0.48% percent respectively, may come from a number of factors, principally; the -0.68% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price point in the Springfield region, and heating & cooling cost differences between Palmer and Boston.
The data presented is derived from EnergyStar, the NREL,Department of Energy and expert research performed by the NAHB. Palmer home value data is provided by Zillow.
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