For New Jersey and New York metro homeowners, replacement windows offer myriad ways to improve your home’s curb appeal, enhance indoor air quality and even reduce your carbon footprint. But, did you know that Renewal by Andersen home improvement products can even improve your financial health?
Here are three ways high-performance replacement windows can positively affect your financial health:
#1. Improved your income (assets) to debt ratio
#2. Lower your heating and energy bills, which puts more money in your pocket
#3. Enhance your property value for higher resale when the time comes
The average monthly utility payment for our friends living in metropolitan New York and New Jersey neighborhoods is between $350 and $450, depending on which utilities you use — electricity, gas, water, etc. — and the overall condition of your home. According to move.org, the state of New York ranks 29th on the list of average utility costs per month. New Jersey comes in at 41st.
Depending upon the condition of your existing windows and patio doors, installing new Energy Star certified replacement windows and patio doors could get you a net savings each month of 10% to 30% — that is a noticeable improvement in your financial health you can see immediately. Consistent savings month after month, and year after year.
So while you’re exploring color combinations and exclusive hardware styles and finishes, be sure to ask about the performance metrics. Everyone homeowner who wants to save on their heating and cooling bills should review their windows’ energy performance ratings before choosing a brand.
Did you know that many mortgage lenders actually prefer to make loans based on the green technology installed in a home? Buyers looking for move-in ready homes expect doors and windows that are energy efficient, look beautiful and perform perfectly before they will invest in a new home.
Planning to put your home on the market in the near future? Talk to local real estate agents about the best upgrades to move your house toward a quick sale. Boost your property value by giving buyers the features they need to qualify for a low-interest mortgage with long-term affordability.
We will also point you toward the National Fenestration Rating Council (NFRC) for expert advice and replacement window recommendations.
Homeowners who are thinking of updating their home, applying for a VA loan, or planning to invest in major energy efficiency renovations, may be able to get help with an Energy Efficiency Mortgage (EEM). According to the VA, an EEM is:
“A loan made in conjunction with a VA purchase loan for an existing dwelling, or a refinance loan secured by that dwelling to add energy efficiency improvements.”
This mortgage vehicle may also be used for Conventional and FHA loans. And, you can use this type of loan for a new construction home, or an existing home that you plan to rehab.
The primary benefit is that you can often get a better interest rate based on the actual or estimated energy efficiency rating, and you can add the cost of the upgrades to your mortgage, without increasing the required down payment.
Learn more about applying and qualifying for this type of loan at EnergyStar.gov, or by speaking with your local banker.
Renewal by Andersen of New Jersey and New York Metro is proud to offer many replacement window styles designed to improve your financial health. Fill in the short form on this page or call us at (866) 609-5033 to learn more.
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