Description
Value You Can Measure
Red Bank property owners have a multitude excellent reasons to upgrade their windows. Fixing broken windows, changing the aesthetics of your home etc… Some such features can be calculated quite exactly.
Firstly, windows preserve 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.
As for energy savings, people living in Red Bank, should experience large declines on weekly expenditures for electricity. If you already have dual pane windows you could save about $121.56 compared to $100 in Atlantic City. In contrast, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $418.43 per year, compared to $274 in Atlantic City.
Increase your Red Bank Home’s Asking Price through Energy Savings
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Upgrading 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 determine : What’s the return on energy savings when selling the house? Below is what we found in Red Bank:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Red Bank, your home value could increase by between $729.39 and $1067.33 for a mid-tier or top-tier Red Bank home respectively. For comparison, the same upgrade in Atlantic City could yield somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Red Bank homeowners could yield an estimated home value gain of between $2510.6 for mid-tier homes and $3673.84 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
Another way to look at it, a window upgrade in Red Bank can add between 0.19% percent and 0.94 % percent to the asking price of your home via the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Red Bank homeowner is quite clear.
The variation between the range for Red Bank and Atlantic City, which for reference, would yield a potential premium range of 0.15% percent and 0.23% percent respectively, is dependent on a number of factors, in particular; the 2.4% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the New York-Newark-Jersey City region, and energy price differences between Red Bank and Atlantic City.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and professional research performed by the National Association of Homebuilders. Red Bank 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: Red Bank vs the rest of New Jersey
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