Description
Value You Can Measure
South Portland property owners have many good reasons to upgrade their windows. Repairing broken windows, improving the style of your home etc… Many such values can be calculated relatively clearly.
To start, 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.
With regards to energy savings, homeowners in South Portland, should experience dramatic reductions on weekly spending for electricity. If you already have dual pane windows you could save approximately $116.41 compared to $117 in Portland. On the other hand, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $386.18 annually, compared to $391 in Portland.
Increase your South Portland Home’s Value through Energy Savings
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Switching 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to estimate : What’s the premium for energy savings if you put your house up for sale? What follows is what we estimated in South Portland:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in South Portland, your home value could increase by around $698.46 and $1022.08 for a mid-tier or top-tier South Portland home respectively. For comparison, the same upgrade 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. South Portland homeowners may yield an estimated home value gain of between $2317.07 for mid-tier homes and $3390.65 for the top tier. Compare this to between $2346 and $3432.98 in Portland.
In other words, a window upgrade in South Portland can add anywhere from 0.22% percent and 1.06 % percent to the sale price of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a South Portland homeowner is relatively strong.
The variation between the range for South Portland and Portland, which for reference, would yield a potential premium range of 0.22% percent and 0.32% percent respectively, can be estimated from a number of factors, in particular; the -0.06% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price range in the Portland-South Portland region, and heating & cooling price differences between South Portland and Portland.
The data presented is based on EnergyStar, the NREL,Department of Energy and extensive research executed by the National Association of Homebuilders. South Portland 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: South Portland vs the rest of Maine
Find out how investing in new windows in South Portland compares to other nearby Maine cities.