Perhaps you’ve heard it before – “Replacing windows is a great investment – it will save you so much money!”
Is Replacing Your Windows Such A Great Investment?
According to the Energy Star website a complete window replacement will cost between $7,500 – $10,000 for an average home. So how much will you save by replacing your old windows with more energy efficient ones? According to the Energy Star Website, new windows can lower household energy bills by 7-15 percent.
So let’s do the math. According to the U.S. Energy Information Administration, the average power bill in the U.S. in 2011 was $103.67 (Some of you are probably saying – I WISH!). Assuming your windows cost $8,750 (middle of the range) and you lowered your energy bill by 11% (middle of the range here, too) or $11.40 a month… from a strictly financial standpoint you would be saving just $136.80 a year for your nearly nine grand expenditure. Not exactly a stellar investment decision in those terms.
But is it all about the money? New windows add comfort, minimize condensation, increase natural light, reduce fading and will overall add to your home’s curb appeal – which helps improve a home’s value. New windows that lower energy consumption reduce greenhouse gas emissions from power plants and shrinks a house’s carbon footprint. That’s all worth something right?
We can’t tell you what to do – but before you purchase all new windows or make any major purchase to aid in energy conservation – you may want to determine how your house stands up in an energy audit. Perhaps there are other ways to reduce your house’s carbon footprint that doesn’t smack so much.
If you are house hunting and worried about replacing windows on your new home, consider a FHA 203K loan* – the fixer upper mortgage loan. This loan program allows you to finance the cost of home repairs into your mortgage loan. Click for more information on FHA 203k loans or contact a licensed mortgage loan officer near you.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
*Programs subject to change and dependent upon credit approval. Contact your Inlanta Mortgage licensed loan officer for program details, requirements, and eligibility.