Description
Value You Can Measure
Prospect property owners have many strong reasons to replace their windows. Updating damaged windows, refining the design of your home etc… Many such features may be calculated relatively exactly.
Firstly, windows retain about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This places windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, homeowners in Prospect, can expect to see major drops on monthly costs for energy. If you already have dual pane windows you could save about $172 compared to $174 in Buffalo. Whereas, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $439.3 per year, compared to $452 in Buffalo.
Grow your Prospect Home’s Asking Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows could 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 on the market? What follows is what we uncovered in Prospect:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Prospect, your home value could increase by around $860 and $1143.8 for a mid-tier or top-tier Prospect home respectively. Compare this to, the same replacement in Buffalo could add somewhere between $870 and $1157.1.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Prospect homeowners could expect an estimated home value gain of between $2196.51 for mid-tier homes and $2921.36 for the top tier. Compare this to between $2260 and $3005.8 in Buffalo.
In other words, a window upgrade in Prospect can add between 0.94% percent and 3.19 % 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 worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Prospect homeowner is relatively clear.
The variation between the range for Prospect and Buffalo, which for reference, would yield a potential premium range of 0.95% percent and 1.26% percent respectively, is dependent on a number of factors, notably; the -0.13% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price range in the Utica-Rome region, and heating & cooling price differences between Prospect and Buffalo.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and professional research performed by the NAHB. Prospect 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: Prospect vs the rest of New York
Find out how investing in new windows in Prospect compares to other nearby New York cities.