Value You Can Measure
Woonsocket residents have plenty excellent reasons to upgrade their windows. Repairing damaged windows, revamping the decor of your home etc… Some such features may be quantified rather accurately.
To start, 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.
As for energy savings, houses in Woonsocket, can expect to experience impressive decreases on monthly bill for energy. If you already have dual pane windows you could save around $117.26 compared to $118 in Providence. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $342.65 annually, compared to $348 in Providence.
Grow your Woonsocket Home’s Value through Energy Savings
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Replacing 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.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to answer the question : What’s the premium for energy savings when selling the house? Here is what we discovered in Woonsocket:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Woonsocket, your home value could increase by between $703.55 and $1029.52 for a mid-tier or top-tier Woonsocket home respectively. For comparison, the same upgrade in Providence could add somewhere between $708 and $1036.04.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Woonsocket homeowners may yield an estimated home value gain of between $2055.9 for mid-tier homes and $3008.47 for the top tier. Compare this to between $2088 and $3055.44 in Providence.
Another way to look at it, a window upgrade in Woonsocket can add anywhere from 0.31% percent and 1.33 % percent to the asking 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 Woonsocket homeowner is quite clear.
The variation between the range for Woonsocket and Providence, which for reference, would yield a potential premium range of 0.31% percent and 0.46% percent respectively, is derived from a number of factors, notably; the -0.07% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the Providence-Warwick region, and heating & cooling price differences between Woonsocket and Providence.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and extensive research conducted by the National Association of Homebuilders. Woonsocket home value data is provided by Zillow.
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