Value You Can Measure
Woods Hole homeowners have a multitude good reasons to change their windows. Upgrading broken windows, revamping the design of your home etc… Some such features may be measured quite exactly.
First of all, windows maintain 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.
With regards to energy savings, households located in Woods Hole, may experience major savings on annual spending for energy. If you already have dual pane windows you could save about $116.17 compared to $114 in Boston. In contrast, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $360 every year, compared to $344 in Boston.
Improve your Woods Hole Home’s Asking Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows may 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to find out : What’s the premium for energy savings if you sell your home? Below is what we discovered in Woods Hole:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Woods Hole, your home value could increase by around $1226.75 and $1710.71 for a mid-tier or top-tier Woods Hole home respectively. Compare this to, the same upgrade in Boston could add somewhere between $1203.84 and $1678.76.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Woods Hole homeowners could expect an estimated home value increase of between $3801.64 for mid-tier homes and $5301.42 for the top tier. Compare this to between $3632.64 and $5065.74 in Boston.
Another way to look at it, a window investment in Woods Hole can add anywhere from 0.16% percent and 0.69 % percent to the asking price of your home through the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained initial value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Woods Hole homeowner is relatively clear.
The variation between the range for Woods Hole and Boston, which for reference, would yield a potential premium range of 0.16% percent and 0.22% percent respectively, is dependent on a number of factors, notably; the 0.21% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the Barnstable Town region, and energy price differences between Woods Hole and Boston.
The data presented is derived from EnergyStar, the NREL,Department of Energy and incredible research conducted by the National Association of Homebuilders. Woods Hole home value data is provided by Zillow.
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