Now that you’ve made the determination that it may be time for new windows for your home, one of the qualifying questions that many homeowners ask themselves is, “Will replacing my windows increase the value of my home?”
A legitimate question, as we all want to feel that the money we spend to improve our castle raises the overall value, as well as gives us some immediate benefits. When it comes to replacing the windows in your home, you can rest assured the answer is a resounding, “Yes!” on both counts.
As most of us have limited budgets for these type of activities, the other thing it’s good to know is what home improvement projects offer the best bang for the buck in terms of increased value.
Your research has probably already shown you that there is so much (often conflicting) information available. Fortunately, there is an impeccable source that has put all of this information into an easy to understand format.
Since 2002, Remodeling Magazine has produced the Cost vs. Value report. This report combines project cost estimates based on a renowned publisher of estimating tools for remodelers with resale values assembled via online surveys with realtors. The margin of error is 95% =/-2. In other words, if the gathering of this information was repeated, 95 times out of 100 the results would be within 2% points of the numbers published.
You can find the national 2016 Remodeling Magazine Cost vs. Value Report here.
Do Windows Increase the Value of My Home
As mentioned previously, absolutely. As you glance through the National version, you’ll note that the report includes window replacement in the “Upscale” project list, as opposed to the “Midrange.” One of the reasons for this is that many homeowners find that the original windows in the home were included as more of an afterthought and recognize that there will be a larger investment required to replace them with windows that look and perform better.
There are two different window projects mentioned. (Hint: You can click on the link to find the particulars of the project). One is a project using vinyl replacement windows and the other using wood.
Not only do vinyl replacement windows retain more of their cost in terms of increased home value (73.3% to 72.1%), they also give you the second largest amount of cost recouped of any of the “Upscale” projects. This includes bathroom additions/remodels, adding a deck, or a major kitchen remodel.
Reducing Energy Costs and Equipment Wear and Tear
While not a cost/value component, a reduction in energy expenditures and lower incidences of heating/cooling equipment failure are specific monetary benefits that the other, non-window replacement, “Upscale” projects don’t offer.
As the infographic indicates, depending on the area of the country that you live and other factors, Energy Star indicates that you can save an average of up to $366 per year when you replace your old, inefficient windows. Plus, anyone that’s had to replace a heating and/or cooling system knows how much that costs.
New windows will not only increase the value of your home by returning almost 3/4 of the money that you spend for them, depending on how long you live in your home, you could recoup the entire cost of the project in additional energy savings and make your heating and cooling equipment last longer and work better.