Description
Value You Can Measure
Westfield residents have plenty great reasons to change their windows. Replacing broken windows, renewing the decor of your home etc… Other such benefits should be counted quite explicitly.
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 sets windows among the top 5 home improvement investments in terms of value retention.
In terms of energy savings, people living in Westfield, are likely to notice major declines on monthly spending for heating & cooling. If you already have dual pane windows you may save around $149.45 compared to $100 in Atlantic City. On the other hand, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $605.19 annually, compared to $274 in Atlantic City.
Increase your Westfield Home’s Resale Price 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to ascertain : What’s the ROI on energy savings when selling the house? Here is what we estimated in Westfield:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Westfield, your home value could increase by around $1578.17 and $2200.77 for a mid-tier or top-tier Westfield home respectively. For comparison, the same replacement in Atlantic City could yield somewhere between $1056 and $1472.6.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Westfield homeowners could yield an estimated home value gain of between $6390.84 for mid-tier homes and $8912.07 for the top tier. Compare this to between $2893.44 and $4034.92 in Atlantic City.
In other words, a window upgrade in Westfield can add anywhere from 0.21% percent and 1.2 % percent to the sale price of your home via 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 Westfield homeowner is relatively clear.
The variation between the range for Westfield and Atlantic City, which for reference, would yield a potential premium range of 0.14% percent and 0.2% percent respectively, can be estimated from a number of factors, primarily; the 5.49% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the New York-Newark-Jersey City region, and energy cost differences between Westfield and Atlantic City.
The data presented is derived from EnergyStar, the NREL,Department of Energy and professional research conducted by the NAHB. Westfield 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: Westfield vs the rest of New Jersey
Find out how investing in new windows in Westfield compares to other nearby New Jersey cities.