Description
Value You Can Measure
Wood Ridge residents have a variety good reasons to change their windows. Updating damaged windows, changing the aesthetics of your home etc… Other such benefits should be calculated relatively explicitly.
Firstly, windows preserve 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, homes in Wood Ridge, can expect to experience significant savings on weekly costs for home energy. If you already have dual pane windows you may save approximately $125.17 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 about $442.61 per annum, compared to $274 in Atlantic City.
Grow your Wood Ridge Home’s Resale Price through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows can add to 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 figure out : What’s the return on investment on energy savings if you sell your home? Here is what we discovered in Wood Ridge:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Wood Ridge, your home value could increase by around $751.05 and $1099.03 for a mid-tier or top-tier Wood Ridge home respectively. Compare this to, the same replacement in Atlantic City could add somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Wood Ridge homeowners could see an estimated home value increase of between $2655.69 for mid-tier homes and $3886.15 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
In other words, a window investment in Wood Ridge can add between 0.17% percent and 0.89 % percent to the asking price 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 Wood Ridge homeowner is relatively strong.
The variation between the range for Wood Ridge and Atlantic City, which for reference, would yield a potential premium range of 0.14% percent and 0.2% percent respectively, may come from a number of factors, primarily; the 2.8% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price point in the New York-Newark-Jersey City region, and energy price differences between Wood Ridge and Atlantic City.
The data presented is derived from EnergyStar, the NREL,Department of Energy and expert research conducted by the National Association of Homebuilders. Wood Ridge 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: Wood Ridge vs the rest of New Jersey
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