Value You Can Measure
Waterbury property owners have a whole host strong reasons to upgrade their windows. Updating leaky windows, revamping the aesthetics of your home etc… Certain such values should be measured relatively precisely.
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 places windows among the top 5 home improvement investments in terms of value retention.
As for energy savings, homeowners in Waterbury, should notice dramatic declines on monthly expenditures for electricity. If you already have dual pane windows you could save around $173.93 compared to $172 in Hartford. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $451.04 annually, compared to $439 in Hartford.
Build your Waterbury Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows may 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to evaluate : What’s the premium for energy savings when it comes time to sell? Below is what we discovered in Waterbury:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Waterbury, your home value could increase by around $869.65 and $1156.63 for a mid-tier or top-tier Waterbury home respectively. For comparison, the same upgrade in Hartford may get you somewhere between $860 and $1143.8.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Waterbury homeowners could expect an estimated home value increase of between $2255.19 for mid-tier homes and $2999.4 for the top tier. Compare this to between $2195 and $2919.35 in Hartford.
Put differently, a window investment in Waterbury can add between 0.67% percent and 2.32 % percent to the value of your home via 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 Waterbury homeowner is quite clear.
The variation between the range for Waterbury and Hartford, which for reference, would yield a potential premium range of 0.66% percent and 0.88% percent respectively, is dependent on a number of factors, particularly; the 0.12% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the New Haven-Milford region, and energy cost differences between Waterbury and Hartford.
The data presented is based on EnergyStar, the NREL,Department of Energy and incredible research performed by the National Association of Homebuilders. Waterbury home value data is provided by Zillow.
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