How do replacement windows improve my cottage’s value?
If you are preparing your cottage or home for sale and looking to increase property value, there are a wide range of things you can do. Among the most simple, with a great benefit, is replacing the windows of your home. As one of the most prominent features of your home, both from afar and up close, new windows will draw in potential buyers and have them encouraged by the apparent upkeep. Replacing windows, without a doubt, helps to improve your property value.
Increase your curb and lake appeal
The increase in property value is the biggest benefit of replacing windows on your home. However, there is also an undeniable boost to the aesthetic, which can’t be understated. From a real estate perspective, old windows can be off putting because of the potential replacement cost once the home is purchased.
Darren Robinson, a realtor in Barrie, Ontario, calls blemishes that come with old windows potential bargaining chips for buyers. What could be thought of as just splintered paint around the window or chipped glass is also a reason, from the buyer’s perspective, for a lower price. As Robinson puts it, there are renovations that will sparkle and shine but won’t give you a good return on your dollar. Something like a window replacement, however, will add to the value of your home while giving it a refreshed look.
Save in the short and long-term
Even the aesthetic changes lead back to the most important reason to have replacement windows: saving money and improving your property value is the greatest end result of new windows. To replace your old windows with new, more energy-efficient ones, will help to lower your home’s cooling and heating costs. The U.S. Department of Energy estimates added costs of air leaks in windows to be 10-20 percent per bill.
According to Remodeling Magazine, replacing your existing windows with more energy-efficient ones will not only attract future buyers but give you a 75-80 percent return on your investment. In 2020, HomeLight’s Top Agent Insights Survey found that figure to be even higher at 80 percent.
The National Bank of Canada echoes that return on investment figure in its list of best renovations to increase your property value, adding that “municipalities and the government often offer financial assistance and tax credits to lower a part of the initial costs.” Not only will you see short-term gains in the form of lowered heating and cooling costs and a high return on investment, but potential breaks in the medium- and long-term with financial assistance and tax credits.
If you are considering selling your home, taking steps to increase property value is a normal process. Replacing old windows with new ones is a relatively simple and massively beneficial step to take. In the short-term, you will see the gains of lowered monthly costs. In the long-term, those savings add up, aiding a sizable return on investment. The improved look of your home will help to draw potential buyers in and should see the investment you made pay off even further. It’s that simple: replace your windows, enjoy the subsequent savings, and watch your property value increase.