Value You Can Measure
Scarborough homeowners have many excellent reasons to upgrade their windows. Replacing leaky windows, refining the aesthetics of your home etc… Certain such benefits may be measured relatively explicitly.
To begin with, windows conserve 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.
In terms of energy savings, homes in Scarborough, can expect to notice important reductions on monthly spending for home energy. If you already have dual pane windows you could save approximately $119.39 compared to $117 in Portland. In contrast, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $410.56 every year, compared to $391 in Portland.
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Grow your Scarborough Home’s Value through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows could increase the value 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 answer the question : What’s the return on energy savings if you sell your home? What follows is what we estimated in Scarborough:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Scarborough, your home value could increase by between $716.36 and $1048.28 for a mid-tier or top-tier Scarborough home respectively. For comparison, the same replacement in Portland could yield somewhere between $702 and $1027.26.
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Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Scarborough homeowners could see an estimated home value gain of between $2463.33 for mid-tier homes and $3604.67 for the top tier. Compare this to between $2346 and $3432.98 in Portland.
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Put differently, a window investment in Scarborough can add between 0.17% percent and 0.87 % 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 upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Scarborough homeowner is relatively clear.
The variation between the range for Scarborough and Portland, which for reference, would yield a potential premium range of 0.17% percent and 0.25% percent respectively, is derived from a number of factors, particularly; the 0.23% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the Portland-South Portland region, and energy price differences between Scarborough and Portland.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and incredible research executed by the National Association of Homebuilders. Scarborough home value data is provided by Zillow.
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