Have you been thinking about replacing your windows but you're not sure if you can afford the extra expense right now? You may be failing to take into account how much your old windows are costing you. It's easy to think that installing new windows is the only expense, but the fact is that, if your windows are old, they're probably costing you money in several different ways. Replacing them could turn out to be the more cost-effective option. Take a look at some of the ways that your older windows are costing you money.
Your Energy Bill
First, consider the most obvious way that your old windows are costing you money – increased energy costs. Your old windows are most likely allowing at least some airflow in or out of the house. That affects the temperature in your home, making it colder in the winter and hotter in the summer. Your heater or AC unit will have to work extra hard to bring your home's interior to the temperature you want, and that brings your energy bills up.
Installing new, energy efficient windows will help insulate your home better and help keep the temperature steady, decreasing the pressure on your heater and AC and reducing your energy bill. How much you'll save depends on what kind of old windows you have. But typically, you'll save between $27 and $111 a year if you replaced double-pane windows with new, Energy Star certified windows. If your old windows are single-pane, you can save between $126 and $465.
Home Insurance Costs
How prepared are you for a storm, like a hurricane? Do you think your windows would survive the high winds? If your old windows are made from single pane glass and are not reinforced, you probably shouldn't test your luck in heavy winds. And your home insurance company knows that this is a problem – you're probably paying higher premiums for those old windows.
Replacing the windows with new windows made out of high-impact glass can bring your insurance rates down. In Florida, $150,000 worth of home insurance costs between $3,000 and $8,000, but if you install high-impact glass, you can bring that down to between $1,000 and $3,500, a significant savings. High impact glass is also easier to deal with than other storm-proofing strategies for your windows, like storm shutters. Not only will you save on home insurance, but you also have a lower risk of expensive damages if a storm does go through in your area.
Your old windows may actually be bringing down the value of your home. New windows can be a big selling point to potential buyers. In fact, new windows are one of the better investments you can make in your home if you're planning to sell in the next few years. If your windows are old, the buyer is likely to want a discount on the price of the house to cover the cost of the replacement windows.
However, if you invest $10,000 on new windows, you'll probably get all of that money back on the price of the house if you sell. That means that if you sell a few years after replacing the windows, after you've had a chance to save on your power bills and insurance costs for a while, you'll get all or most of the money back that you spend on the new windows in the first place. Add that to the money you've saved in energy and insurance costs over the last few years, and you'll end up actually making money on your new window installation in the long run.
New windows are one of the best investments you can make in your home when it comes to a return on your investment. Contact a company that does window installation in your area to find out what kind of windows will give you the most bang for your buck.