Description
Value You Can Measure
Paterson homeowners have plenty strong reasons to upgrade their windows. Replacing damaged windows, revamping the decor of your home etc… Other such features can be calculated rather precisely.
To start, windows retain 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.
With regards to energy savings, residents of Paterson, should experience considerable decreases on annual spending for heating & cooling. If you already have dual pane windows you may save around $115.13 compared to $100 in Atlantic City. Whereas, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $375.34 per year, compared to $274 in Atlantic City.
Increase your Paterson Home’s Resale Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows can add to the sale 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 ROI on energy savings when selling the house? The following is what we found in Paterson:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Paterson, your home value could increase by around $690.78 and $1010.85 for a mid-tier or top-tier Paterson home respectively. For comparison, the same upgrade in Atlantic City may get you somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Paterson homeowners could yield an estimated home value increase of between $2252.05 for mid-tier homes and $3295.5 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
In other words, a window upgrade in Paterson can add anywhere from 0.22% percent and 1.07 % percent to the sale 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 initial value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Paterson homeowner is relatively strong.
The variation between the range for Paterson and Atlantic City, which for reference, would yield a potential premium range of 0.2% percent and 0.29% percent respectively, is dependent on a number of factors, primarily; the 1.68% 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 energy price differences between Paterson and Atlantic City.
The data presented is based on EnergyStar, the NREL,Department of Energy and extensive research executed by the National Association of Homebuilders. Paterson 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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