When you’re preparing your home for sale, you want to make it as attractive as possible for potential buyers. Investing in a few upgrades can help make your home more competitive on the real estate market, but there are some home improvement projects that produce a better return on investment than others.
New windows are important to home buyers, but will it be a good investment for you as the seller? Should this home improvement be left for the buyer? Let’s break it down.
How much will new windows cost?
A standard window will cost between $600 to $1000 depending on the size and type of the window. If you want demolition and removal of the old window, plus professional installation from window companies in Winnipeg, you will pay closer to the $1000 mark per window. In the average family home, there are about 10 windows. So, your window replacement will cost at least $10,000.
What is the return on investment?
If you were planning on staying in your home, you would be saving money on your monthly energy bills immediately. Depending on your home and the type of windows you chose, you can save an average of 8 per cent each month on heating your home. If you’re selling, that savings will be passed on to the new buyer.
According to Remodeling Magazine’s Cost vs. Value report, new vinyl windows will recoup over 74 per cent of their cost at resale. While this is a great return compared to other home improvements, you will still essentially lose 26 per cent of the cost of that window replacement. If it cost you $10,000, it will raise the price of your home to about $7,400, but you can say goodbye to the other $2,600.
New windows will make your home more attractive to potential buyers. They will improve your curb appeal and if a buyer must choose between a home with new windows and one without in a comparable market, they will choose the one with. In some cases, it might make for stronger offers and a quicker sale and that might make it worth the extra investment.
The conclusion.
The cost of replacement windows is high, and installation can be a big undertaking. Replacement windows do offer a better return than other home improvements and can help you sell your home faster. It comes down to whether you can afford to make the investment comfortably, having both the money and the time. If so, it is a smart investment. Read more articles about windows.
