Replacing old windows in your home with new, attractive, energy-efficient varieties can pay immediate dividends through increased market value as well as reduced energy and maintenance costs. These findings resulted from two major surveys conducted in Canada and the United States and give added impetus to the trend among homeowners to upgrade their windows, whether they intend to sell their homes or not.
The Appraisal Institute of Canada – the organization representing many appraisers working for mortgage companies, real estate firms and similar organizations – recently conducted a survey in Canada to determine what home improvement projects provided the greatest return in increased market value to homeowners. Window replacement ranked in the top ten and was estimated to return, on average, 57 percent of the dollars spent.
In addition to increased market values, an investment in replacement windows can improve a home’s energy efficiency by up to 20 percent, resulting in a marked decrease in energy bills. On average, it costs $1,200 per year to heat a home, and of that, industry standards suggest that about 30 percent is due to window-related heat loss. Industry experts estimate that, over the past three years, Canadians have saved almost $2.5 million in energy costs just by installing energy-efficient windows.
Finally, homeowners who install new maintenance-free windows realize substantial savings as a result of reduced maintenance costs. In Calgary’s climate, most wood windows require painting every two to three years.