Description
Value You Can Measure
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Worcester residents have a multitude good reasons to upgrade their windows. Updating damaged windows, refining the style of your home etc… Other such values can be calculated quite exactly.
To begin with, 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.
As for energy savings, residents of Worcester, could have impressive reductions on daily spending for electricity. If you already have dual pane windows you may save approximately $203.14 compared to $197 in Burlington. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save about $595.15 per annum, compared to $553 in Burlington.
Build your Worcester Home’s Resale Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows may add to 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 find out : What’s the ROI on energy savings when selling the house? What follows is what we estimated in Worcester:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Worcester, your home value could increase by between $1218.85 and $1783.59 for a mid-tier or top-tier Worcester home respectively. For comparison, the same upgrade in Burlington could add somewhere between $1182 and $1729.66.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Worcester homeowners could expect an estimated home value increase of between $3570.89 for mid-tier homes and $5225.4 for the top tier. Compare this to between $3318 and $4855.34 in Burlington.
In other words, a window investment in Worcester can add anywhere from 0.54% percent and 2.31 % percent to the sale price of your home through the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Worcester homeowner is relatively strong.
The variation between the range for Worcester and Burlington, which for reference, would yield a potential premium range of 0.52% percent and 0.77% percent respectively, is derived from a number of factors, particularly; the 0.35% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price range in the Barre region, and energy price differences between Worcester and Burlington.
The data presented is derived from EnergyStar, the NREL,Department of Energy and incredible research conducted by the National Association of Homebuilders. Worcester 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: Worcester vs the rest of Vermont
Find out how investing in new windows in Worcester compares to other nearby Vermont cities.