Value You Can Measure
Richlandtown residents have many great reasons to change their windows. Repairing damaged windows, renewing the decor of your home etc… Many such benefits should be quantified quite exactly.
First of all, windows maintain 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.
As for energy savings, residents of Richlandtown, will most probably notice significant savings on weekly spending for heating & cooling. If you already have dual pane windows you could save about $118.54 compared to $116 in Philadelphia. Whereas, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $309.71 annually, compared to $294 in Philadelphia.
Build your Richlandtown Home’s Value through Energy Savings
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Replacing 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to determine : What’s the ROI on energy savings when selling the house? What follows is what we discovered in Richlandtown:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Richlandtown, your home value could increase by around $711.22 and $1040.75 for a mid-tier or top-tier Richlandtown home respectively. Compare this to, the same replacement in Philadelphia could yield somewhere between $696 and $1018.48.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Richlandtown homeowners could expect an estimated home value increase of between $1858.27 for mid-tier homes and $2719.27 for the top tier. Compare this to between $1764 and $2581.32 in Philadelphia.
In other words, a window investment in Richlandtown can add anywhere from 0.31% percent and 1.18 % percent to the value of your home through the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Richlandtown homeowner is relatively strong.
The variation between the range for Richlandtown and Philadelphia, which for reference, would yield a potential premium range of 0.3% percent and 0.44% percent respectively, is dependent on a number of factors, notably; the 0.24% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the Philadelphia-Camden-Wilmington region, and energy cost differences between Richlandtown and Philadelphia.
The data presented is based on EnergyStar, the NREL,Department of Energy and meticulous research conducted by the NAHB. Richlandtown home value data is provided by Zillow.
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