Savings Category: Replacement Window Savings

Description

Value You Can Measure

Richmond property owners have a whole host excellent reasons to change their windows. Repairing broken windows, revamping the decor of your home etc… Many such values should be counted relatively precisely.

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 places windows among the top 5 home improvement investments in terms of value retention.

In terms of energy savings, homeowners in Richmond, are likely to notice dramatic savings on weekly expenditures for electricity. If you already have dual pane windows you may save approximately $112.32 compared to $117 in Portland. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $352.75 annually, compared to $391 in Portland.

Build your Richmond Home’s Asking Price through Energy Savings

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Switching your windows to EnergyStar rated National Vinyl windows can increase 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.

Moreover, many buyers are willing to pay a premium for energy savings. Here we try to figure out : What’s the return on investment on energy savings when it comes time to sell? This is what we uncovered in Richmond:

Basic Dual-Pane to National Vinyl

If you already have dual-pane windows (non-EnergyStar rated), in Richmond, your home value could increase by around $673.9 and $986.15 for a mid-tier or top-tier Richmond home respectively. For comparison, the same replacement in Portland could yield somewhere between $702 and $1027.26.

Single-Pane to National Vinyl

When upgrading from low-efficiency single-pane windows, the potential is even greater. Richmond homeowners may see an estimated home value gain of between $2116.48 for mid-tier homes and $3097.12 for the top tier. Compare this to between $2346 and $3432.98 in Portland.

Put differently, a window investment in Richmond can add between 0.36% percent and 1.65 % 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 Richmond homeowner is quite clear.

The variation between the range for Richmond and Portland, which for reference, would yield a potential premium range of 0.37% percent and 0.55% percent respectively, is derived from a number of factors, primarily; the -0.44% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price point in the Portland-South Portland region, and heating & cooling cost differences between Richmond and Portland.

The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and expert research performed by the NAHB. Richmond home value data is provided by Zillow.

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