Value You Can Measure
Pittsfield residents have many strong reasons to change their windows. Replacing leaky windows, changing the style of your home etc… Other such values may be calculated relatively precisely.
To begin with, 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, homes in Pittsfield, could see considerable reductions on monthly bill for electricity. If you already have dual pane windows you could save about $106.71 compared to $114 in Boston. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $290.24 per annum, compared to $344 in Boston.
Improve your Pittsfield 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 estimate : What’s the ROI on energy savings if you put your house up for sale? Here is what we estimated in Pittsfield:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Pittsfield, your home value could increase by around $640.27 and $936.93 for a mid-tier or top-tier Pittsfield home respectively. For comparison, the same upgrade 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. Pittsfield homeowners may yield an estimated home value gain of between $1741.42 for mid-tier homes and $2548.28 for the top tier. Compare this to between $2064 and $3020.32 in Boston.
Put differently, a window investment in Pittsfield can add between 0.35% percent and 1.38 % percent to the asking 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 worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Pittsfield homeowner is relatively clear.
The variation between the range for Pittsfield and Boston, which for reference, would yield a potential premium range of 0.37% percent and 0.54% percent respectively, can be estimated from a number of factors, particularly; the -0.71% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the Pittsfield region, and energy cost differences between Pittsfield and Boston.
The data presented is derived from EnergyStar, the NREL,Department of Energy and incredible research conducted by the NAHB. Pittsfield home value data is provided by Zillow.
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