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You would think that any upgrade to your New Jersey or metropolitan New York home, from replacing a sagging, old garage door to updating appliances and cabinets in the kitchen, would automatically increase resale value – right?
Not necessarily, according to the National Association of Realtors’ (NAR) studies and Remodel Magazine. The Remodeling Cost vs Value 2015 and 2016 reports show that some remodeling projects offer minimal return on investment, if any.
If you’re planning to install new replacement windows and patio doors this year, here are a few things you need to know to get the most value for your investment.
Before we talk about return on investment, let’s look at the difference between “Cost” and “Value.” Cost is essentially the financial outlay you make to improve your home, whether updating the bathroom or adding new flooring throughout. Value is a more intrinsic term. You can’t always put a dollar amount on what the improvements are worth to you.
How do you turn the comfort you receive from eliminating drafty corners into a cash equivalent? Or, what is it worth to you to not have to scrape and paint those wood window frames every year to keep them from rotting away? How do you put a value on adding replacement windows to your home that have features like recessed locks that enhance safety and security for your family. Cost is quantifiable (measurable) and value is qualitative (quality-based).
Now that we have a definition of the “terms,” let’s talk about those four key factors every homeowner should know before they start comparing replacement windows.
Any replacement window dealer who tells you their products will pay for themselves in the first year is simply not being honest with you. In terms of savings from installing energy-efficient windows to replace low-quality windows that leak conditioned air and allow unchecked heat transfer, you can expect to save an average of 10% to 25% on heating and cooling bills – depending on other architectural features and the condition of your overall home.
While the NAR study recently released does show that on average homeowners recover about 73% of the investment when they upgrade with replacement windows, that is a number associated with returns when they sell their homes and does not take into account the benefits you enjoy from those new windows while you are in your home – both in energy bills and comfort levels.
And, there are a few things that can result in both lower and higher returns. For example, if you replace original wood windows in a historic home, some buyers may see that as a positive since they update improves energy-efficiency, others may see it as something that detracts from the value because some of the “authenticity” is gone. If you’re planning to keep your home for 10 or 20 years, you should focus on value rather than short term ROI.
In fact, choosing the wrong replacement window brand, style or frame material can actually decrease the value for homeowners and potential buyers
There are many reasons why New Jersey and New York Metro homeowners decide to update their home windows – improving indoor air quality, blocking noise transfer for a more pleasant environment and changing the appearance of your home are just three. We’re proud of our ENERGY-STAR labeled windows because they reduce energy consumption and give homeowners ways to control indoor light levels heat gain so they use less energy to heat and cool their homes. However, we know that custom-built windows and patio doors also give our customers opportunities to save time with tilt-to-clean window styles and add privacy with patterned glass options that obscure the view so people outdoors cannot see inside.
Sometimes it is financially prudent to repair a window, and not invest in a total replacement. If you have a damaged pane in double-hung window, you’ve lost the energy efficiency benefits gained from the gas between the panes. To maintain high performance, you’ll need to replace the glass unit. On the other hand, if weather stripping fails or you’ve broken or lost an operational handle, it would be really crazy to invest in a new window. When in doubt, it’s best to contact your window dealer to find out whether full replacement or repair is best for your situation.
There are several reasons that staging a total home makeover may be beneficial. When budgeting, time or other circumstances won’t allow you to replace all the windows in your home at one time, we can work with you to schedule upgrades on your terms. If all the windows in your home are the same age and brand, replacing each one as they fail will only add to your frustration. If one window develops gaps and leaks, it is probable that the other windows will follow suit sooner rather than later.
We hope these tips help you make better decisions about when and why to buy replacement windows for your home. If you need more information about updating your New Jersey or New York Metro home with modern, high-performance fixtures, fill in the short form on this page or call (866) 609-5033 and ask to speak to a window consultant.
Check out this post for answers to frequently asked questions about replacement windows:
Learn Everything You Need to Know BEFORE Buying Replacement Windows