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You would think that any modernization project for your Long Island home — installing replacement windows, major kitchen renovations and bathroom additions — would automatically increase your home’s resale value — right? Well, not necessarily. According to the 2020 Cost vs Value report published online by Remodeling Magazine, not all renovation projects add the same value. Some actually tend to lose money in an analysis of return on investment year-over-year compared to 2019.
For example, while Renewal by Andersen found the 2020 study shows that mid-range and upscale kitchen renovations lost ROI potential, both bathroom additions and replacement window installations actually saw a slight increase year-over-year.
Since you need to know as much as possible about brands and home improvement projects before you start the process, here are four things you should know before you schedule your home consultation with a replacement window specialist.
Before you can make informed decisions about home improvement products, you should know the difference between “cost” and “value” cited in various studies.
The term cost represents the monetary investment you make to add that new bathroom, modern kitchen appliances or high-performance Energy Star labeled replacement windows.
The term value, isn’t necessarily a financial term. It can apply to things of intrinsic value, such as peace of mind knowing your family is safe, protected from airborne allergens and would-be intruders, for example. Or the enhanced comfort you feel when you don’t have to live with drafty corners and summer hot spots because your windows leak air and moisture.
Cost is a quantifiable metric while value is often a qualitative measurement. Both cost and value may impact a home’s resale value and the return you get on your investment.
Now that you understand the terms, let’s look at four things you need to know to compare replacement windows and make better buying decisions.
Any replacement window dealer that implies your new double-hung, casement or any style window will pay for itself in a year or two is not being straightforward with you.
It’s true that most homeowners will see immediately savings on their heating and air conditioning bills — up to 25% according to agencies like Energy.gov. However, those savings will not usually add up to the purchase price of your upgrades that quickly.
Sometimes it is financially prudent to simply fix a minor issue than invest in a total replacement window. On the other hand, if a double-pane, gas-filled window has a break that allows gas to escape, energy efficiency is lost and it may pay to replace it.
Purchasing just a few windows at a time, say the front of the house, or a room at a time, can make sense to stretch your budget over time. Staging a home makeover is an excellent option for homeowners who are on a strict budget, facing time constraints or have other circumstances that prevent doing a full-house replacement window project all at once.
Of course, staging should not be used as a way to avoid replacing windows that are compromising your comfort or safety.
The Renewal by Andersen of Long Island team hopes these tips help you make better buying decision. If you need more information about planning a successful renovation for you Long Island home, we can help. Fill in the form on this page or dial (866) 609-5033 to speak to a professional replacement window and patio door consultant today.
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