The real estate market is going crazy right now. House values have gone up over 10% in the past year nationwide (2) .
This is leading many homeowners to consider selling their home to unlock the equity stored up in the value of their house. There are a few fast ways to increase the selling price of your home. Painting, organizing, fixing landscaping and deep cleaning are two inexpensive methods that can drive up the attractiveness, and curb appeal at resale time. Another growing popular method for adding value is window replacement. While this method has a higher cost than the other three methods mentioned above, it has a “permanance effect” meaning that it leads the home to look permanently improved. This is an important element that buyers and investors look at when shopping for homes. Permanent improvements include major remodels, updates to functional flow of a home (including floor plan flow, roofing, walls, visible construction effects). However, many of these renovations are highly costly, and never recoup all of their costs at resale. While the average home with window replacement project can be projected to recoup up to 85% by some sources (1), there are some hacks to actually increase that ROI to above 100%, leading to added resale profits at close of sale. Here are a few tips:
- Shop for starter vinyl replacement windows – Chances are, any replacement window will be better than your current older, outdated windows in your home. The latest window frame technology has led to advances in energy efficiency, and looks, with a generally lower price. This will save you hundreds of dollars on each custom window, simply by sticking with base model design.
- Consider off-the-shelf windows – Windows that are of standard dimensions, purchased from home improvement stores, or clearance showrooms can save you hundreds, from custom sized windows, if the current window openings allow.
- Shop around for the right replacement window installer – Not all window installers are the same. Some have vastly different pricing and service. Ask if they price match, which could save you hundreds of dollars per window in labor.
- Choose window installation companies during flexible times or off-season periods – Often, window installation companies will offer discounts if you are flexible with your installation time, or take advantage of seasonal discounts. Speaking about this, go with window and door installation companies, over having just anyone do it. They have the experience to get the job done right the first time, vs if a problem with construction or repair happens, which can substantially increase your costs if someone inexperienced is installing. Plus, these companies can get it done in a day, saving you time and hassle.
When it comes to the actual windows, there are many styles, materials and functions available. Typical sliding, hung and picture windows will likely have the highest return-on-investment, as they are a standard model. Special shapes, or added functions like tilt-and-turn are nice for custom and luxury homes, but for the average house will not recoup costs like standard function vinyl replacement windows.
Replacing your old windows with new, modern, energy-efficient vinyl replacement windows will not only make your home look good, but has the potential to increase offers and asking price at sale time.