The Latest Numbers on Remodeling Value
By Great Lakes Window
We all know that the last year has been one like no other. You may be wondering if a home renovation is still a good idea. Or, if you have already committed to remodeling, you might be concerned about recouping that cost and getting a good return on investment. We have collected some of the latest numbers and statistics around home remodeling, and so far, so good!
Why Home Improvement Numbers are Strong
According to one article in Qualified Remodeler, the home improvement industry is booming even as other industries slow down. As they say, “It was as if America’s 330 million residents got a good look at their homes and saw the need for upgrades.”
Research from Consumer Specialists and the Home Projects Council echoes that trend. According to the president of Consumer Specialists, COVID-19 has significantly shaped the home improvement market. One of their surveys indicated many people have more time and are doing more projects, and many are simply more aware of home renovation needs now that they are at home more often.
An NPR article notes that some homeowners might have extra money for renovations, with less opportunities for travel, dining, and other expenditures.
Overall, the Remodeling Market Index shows that leads and inquiries about renovation, and the ongoing backlog of remodeling projects is going strong. Many people are jumping on the opportunity to renovate.
Return on Interest for Window Replacement
If you are among the people who decided it was a good time to remodel your windows, or are considering a home project soon, good news! The 2020 Remodeling Cost vs. Value report shows that vinyl window replacement still holds value. Nationally, people who remodel with a vinyl window replacement can expect to recoup just over 73% of their costs.
While window replacement of course adds aesthetic value to your home (otherwise known as curb appeal), this particular remodeling effort goes even further. Especially if your previous windows were of a lesser quality than today’s efficient, affordable vinyl replacement windows, the value will translate to your energy bills. Heating and cooling costs can be impacted quite dramatically by investing in energy efficient vinyl windows, so that remodeling job will start paying for itself right away. Additionally, certain Great Lakes Windows that are ENERGY STAR® certified may be eligible for tax credits as set forth in the extension of the American Taxpayer Relief Act of 2013.
As many of us are spending more time at home, you might have noticed an overall increase in your heating and cooling costs. There is no better time than now to reign in these energy costs with efficient windows.
If you have held off on remodeling or renovating your home, including investing in vinyl replacement windows, you can rest assured that home improvements are still worth it. Window replacement is a job that does not require a lot of face-to-face interaction, and we always take every effort to ensure health and safety.
Our Great Lakes Window dealers are standing by and ready to help you move forward with your home renovation ideas. Get in touch with a local dealer today!