Value You Can Measure
Spencer homeowners have a variety valid reasons to upgrade their windows. Replacing broken windows, refining the look and feel of your home etc… Some such features should be calculated relatively precisely.
First of all, 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, houses in Spencer, will most probably have dramatic savings on daily bill for electricity. If you already have dual pane windows you could save around $107.96 compared to $114 in Boston. Whereas, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $299.42 per year, compared to $344 in Boston.
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Grow your Spencer Home’s Asking Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows could add to 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 determine : What’s the return on energy savings if you put your house up for sale? What follows is what we uncovered in Spencer:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Spencer, your home value could increase by between $647.74 and $947.86 for a mid-tier or top-tier Spencer home respectively. For comparison, the same replacement in Boston may get you somewhere between $684 and $1000.92.
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Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Spencer homeowners could expect an estimated home value gain of between $1796.52 for mid-tier homes and $2628.91 for the top tier. Compare this to between $2064 and $3020.32 in Boston.
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In other words, a window upgrade in Spencer can add anywhere from 0.25% percent and 1.01 % 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 initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Spencer homeowner is quite strong.
The variation between the range for Spencer and Boston, which for reference, would yield a potential premium range of 0.26% percent and 0.38% percent respectively, is derived from a number of factors, notably; the -0.59% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the Worcester region, and energy cost differences between Spencer and Boston.
The data presented is based on EnergyStar, the NREL,Department of Energy and incredible research conducted by the National Association of Homebuilders. Spencer home value data is provided by Zillow.
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