Get the wndows, it will help with the sale of your home. Windows are one of the big ticket items people want to see. If they have to do it after they move in.. wah, wah, wah... they will go with another property that already has the windows done. Will you "make it back" well, that no one can say.. but will the new windows help to present your home in a better light to buyers!
Do it before the winter comes!
One of the things as a buyer's agent I always look at when perusing a home is windows. If they are worn and old, I advice my clients that it may be a near term significant outlay of cash. Therefore, I would recommmend that you do replace the windows. But remember, this will only aide in selling your home and you will NOT see a 100% return; most likely 60% ... but in my view worth the investment as it is likely to reduce your time on market.
Francesca Patrizio, ePro, SRES
This is a tough call without seeing your home and how it stacks up against the local competition in your price range. The average new home buyer in New Jersey is 31 years old. In general these buyers seem to not want to do improvements and often will pay a premium for “new”. They also attach a higher cost in their own mind to any work that needs to be done if they buy the house. The best return on a seller’s investment, in my opinion, is new paint and pulling up existing carpet if there are hardwood floors underneath. It is all about how good a value your home is versus the competition. What does your real estate agent say?
having replaced many windows on my own homes I would advise pricing as is and advise that the savings has been passed on to buyers. Unless they are broken and require replacement leave them. The problem you have if you replace and immediately sell is that the typical lifetime warranty is usually transferrable only once. Additionally if other work is planned ie siding, expansions... some of this may be removed.
If you were not planning on selling I would say do them for the credit, savings and "green" factor.
My house was built in 1972 and I had the same windows with the storm windows. Just replaced them all this month. I have already seen a dramatic difference in the heat retention of the house (last few cold days I could keep the thermostat at 72 instead of 76).
Any improvement you make will obviously not always net you back what you spend right from the start, (although in this case it may be close), and WILL get you more money in sales price. Not to mention it's a lot easier than negotiating a credit with the buyer or lowering your list price from the beginning.
There are some "improvements" which really are a matter of taste. You can spend a lot of money on remodeling that a buyer won't appreciate. Windows are another story entirely. They are practical and add a lot of value, not only because it's one less thing the buyer has to worry about, but because they know it will save them on energy costs. It's well worth it.
Current buyers are always looking for market incentives when they are shopping.
The most important thing a Realtor can do is to advise a seller on the things they can do to sell for the most money. In many cases there are probably other things that need attention that will have a greater impact than the windows. (for example, painting the property inside and out, new carpet, etc..)
In your area I can tell you from my experience that most buyers want a move in ready house that is updated or expect to purchase at a very discounted price if the house is not updated. So if you can afford to upgrade your windows do so, but keep in mind that it will probably not add to the value of your home, it will just help it sell. If you are unsure about the resale value of your home the way it is, you really should have a local realtor take a look at your home if you haven't done so already. We can look at it objectively & make suggestions as to what needs to be done before you place your home on the market to attract the most buyers at the right price. If you'd like I'll be happy to stop over at no obligation, feel free to call me.
Joan Congilose CRS, GRI, e-Pro
Broker/ Sales Associate
RE/MAX Central Manalapan
(732) 972-1000 ex:364
I agree totally with both Angie and Larry in that buyers want both and that the replacement windows would help to sell your home sooner rather than later and "energy efficient is a huge "buzz" word today. Typically, I advise sellers not to make improvements such as a remodel bath or kitchen (unless, of course these are seriously outdated) because your taste may not be that of the potential buyer and they might just replace what u spent good money on. However, in the case of a practical item like windows, a buyer usually prefers a home where they do not have to invest additional monies outside the mortgage to make repairs.
Like the Nike tag line . . . "just do it".
Francesca Patrizio, Broker, ePro, SRES
I would suggest this would be a smart move for you to make if you're looking to get your home sold sooner rather than later. As an added bonus do it now, it's statistically unlikely you home will see this year as it is, as we're entering what is historically the slowest time of year for home sales. You'll be much more comfortable this winter with new energy efficient, well sealing windows in.
Best of luck.
Also, I am not sure who you contracted, or the quality, type or number of windows you are replacing/ordering but your estimate seems high to me.
In general though, I believe updated windows is a low priority for buyers. Maybe the trend will change with conservative buyers with recession experience entering the market place.
Just FYI: $8k might be better spent on staging and addressing other areas of the home: kitchen, bathrooms, painting, which has more of an impact on buyers. I hardly ever hear a buyer saying I brought the house because it had energy efficient or updated windows. I do hear buyers saying the house had good lighting or I loved the kitchen, bedroom sizes, location of home to work, school, transportation, etc.
What's your home worth now? Have you spoken to an agent? It would be incorrect to assume that an $8,000 improvement of this type would net you the same upon resell or any additional money given the state of the market.
From a marketing perspective, I would offer to pay closing costs or discount points, which I believe has more of an impact on a buyers bottom-line.
Hope that helps!