This Investment Will Save You Thousands
7 things homeowners need to know about one of the best home investments (you won’t believe number 5!)
Many homeowners love renovating their space, normally for an updated look, improved comfort or increased property/resale value, but what if I told you you’re able to get all three at once?
Enter windows: An often neglected aspect of renovations until they either begin leaking, or they’re so cold that you have a hard time relaxing or falling asleep near them. In this article, we will explain why they should be among your top considerations, as well as some of the many benefits you’ll receive from upgrading your windows.
For you to get the deepest understanding of just how impactful this investment is, there’s a few things we’ll have to go over to paint the clearest possible picture. If you’d like to skip directly to the financial benefits, feel free to skip to #3.
1. Energy Efficiency – Whilst most turn to a more efficient furnace, water pump, or even solar panels, in Canada to improve their home’s energy efficiency, these yield relatively small benefits when compared to windows. The reason for this is that windows are at the front line of your home’s energy efficiency throughout the seasons. Getting a more efficient furnace? Your energy bills will not improve if your home’s windows aren’t keeping the heating or cooling in. New water pump? You’ll save on energy, but it won’t make a difference in keeping your home warm which is usually the goal. How about installing some solar panels? You’ll burn right through the extra energy they provide without efficient windows, they end up costing you more up front, AND they’re only beneficial outside of the winter months (which is half of the year).
2. The Front Line – Now that we’ve established that windows are the front line of your home’s energy efficiency by contrast, let’s break down exactly what that means in practical terms. According to Energy Saver, windows are responsible for approximately 25%-30% of your home’s heating and cooling costs. Spending $250 on your energy bill? Up to $62.50 of that is due to the heating or cooling loss through your windows each month. With the poor quality of the majority of recent builder-grade windows, odds are that number may be even higher in new homes.
3. Energy Savings – Ontario’s average energy bill being $200 to $500 per month, and windows account for 25% to 30% of your home’s heating and cooling costs, this means you can save from $12.50 to $45 per month (25% of $200 to 30% of $500). This may not seem like a lot at first glance, but let’s put that into perspective. After 1 year, you save $150 to $540. 10 years in, you save $1500 to $5400. 30 years in, which is the average lifetime of recent windows, you save a minimum of $4500, and up to $16200. On top of the increased equity windows should be a top priority when considering ways to improve the energy efficiency, look, and value of your home.
4. Equity Gains – Since we mentioned it at the end of the last paragraph, let’s talk about equity. With the gains in property value factored in, this is when replacing your windows becomes a no-brainer. Although the cost widely varies, the average cost of replacing a home’s windows is approximately $8000. The average increase in equity is 70% to 80% of the amount invested. $8000 in = $5600-$6400 out. If THIS doesn’t already make you think WOW! Hold your horses as we combine it with the figures in the energy savings section – afterwards, you may let your horses run free.
5. GODSPEED Pay Off – So now you’re thinking (or at least I am) “Ok, not only do windows pay themselves over the long term, they increase my equity by a whopping 70%-80% of my investment cost!” Let’s go with some conservative calculations, so you know what you’ll be getting at the very least when you inevitably have to replace your windows. 16 years in, you’ve saved a minimum of $2400 on energy, and increased your equity by at least $5600. Combine those numbers and BOOM, you’re at $8000. 10 years in to your best case scenario, that’s $6400 + $5400 so you’re up to, wait, $11800? On an $8000 investment? Yup, as wild as that seems the numbers check out. A 47.5% increase in value on your original investment with all things considered. As an average between the best and worse case, you’re looking at approximately $9450 in equity and energy savings combined after a 10 year span. Not bad!
6. Government Incentives – Here’s where things start to get a little crazy. On top of the amazing financial benefits you get from window replacements, in collaboration with Enbridge the federal government is giving away up to $10000 for Canadians looking to replace their windows alongside an interest-free loan up to $40000 to cover the entire project cost. Homeowners are getting $175 to $325 per opening depending on the new windows’ quality. The aforementioned $8000 will give you about 12 windows in double pane ($175 in rebates each) and 10 windows in triple pane ($325 in rebates each) making the average rebate $2100 to $3250. When factoring in the cost savings above and combining them with the rebate, even in the worst case scenario you’re gaining $5400 in equity and $2100 in rebates for a whopping total of $7500 back on your $8000 investment POST INSTALLATION. Imagine the best case! Now more than ever – it’s a no brainer to replace your windows.
7. MOST IMPORTANTLY: You – The most amazing benefit homeowners receive from replacing their windows is straightforward and notable. They find a new and improved sense of comfort in their homes. No more drafts bothering them while they eat, sleep, or watch their favourite shows, and no more cold radiating onto them any time they’re near a window. Just, pure, comfort. I’m sure you’re already imagining all the different times you’ve been bothered by the coldness of your windows although you weren’t fully aware that this was a matter of the window itself – not windows in general.
All in all, the large gap between the quality of builder-grade, and high-quality windows provides numerous benefits such as improved sleep, lower energy bills, a more stable home climate and therefore – an improved quality of life.
We hope this article has helped you better understand not only the benefits, importance, and cost savings you can expect, but also provides you with clarity on the little known window industry. Feel free to book a complimentary consultation and start saving ASAP by clicking below.