Value You Can Measure
Somers residents have a multitude great reasons to replace their windows. Updating old windows, renewing the aesthetics of your home etc… Other such values 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 puts windows among the top 5 home improvement investments in terms of value retention.
In terms of energy savings, households located in Somers, could have large decreases on monthly expenditures for energy. If you already have dual pane windows you may save about $196.01 compared to $172 in Hartford. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $588.79 every year, compared to $439 in Hartford.
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Increase your Somers 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 uncover : What’s the return on investment on energy savings if you put your house up for sale? Here is what we found in Somers:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Somers, your home value could increase by around $1176.05 and $1720.95 for a mid-tier or top-tier Somers home respectively. For comparison, the same upgrade in Hartford could yield somewhere between $1032 and $1510.16.
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Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Somers homeowners could expect an estimated home value gain of between $3532.73 for mid-tier homes and $5169.56 for the top tier. Compare this to between $2634 and $3854.42 in Hartford.
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Another way to look at it, a window upgrade in Somers can add anywhere from 0.4% percent and 1.76 % percent to the value of your home through the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Somers homeowner is relatively strong.
The variation between the range for Somers and Hartford, which for reference, would yield a potential premium range of 0.35% percent and 0.51% percent respectively, may come from a number of factors, primarily; the 1.55% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the Hartford-West Hartford-East Hartford region, and energy cost differences between Somers and Hartford.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and professional research done by the National Association of Homebuilders. Somers home value data is provided by Zillow.
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