‘It’s better to take out a Canadian bank loan at 3-6% and replace all your windows at once, then pay 6-9 % more next year for the second half of your windows.’
The more windows you replace, the more likely you are to receive a discount. Add a door or two, and you are sure to get an overall price reduction. There are real advantages to having buying power (being able to purchase many items or services at once).
Rising manufacturing costs and the general rate of inflation adds to the makes more sense side of your argument of whether to replace them all now or a few at a time.
Ugh. No matter the industry, the cost of doing business rises every year. According to a Canada Broad Casting (CBC) news article from June 2021, ‘the cost of just about everything is going up at a much faster pace than usual, from homes and vehicles to food, energy and consumer goods.’
The article goes on to say furniture prices rose 9.8 over the prior year, homes by 7.9% (wouldn’t we argue much higher?), new cars by 5%, food by 11%, travel accommodation by 6.7%, mattresses by 10%, but clothing and footwear (whom did we have to dress up for?) prices rose only by 3.9%.
Economists with sharp pencils have accrued numerous figures to arrive at a Canada-wide 3.5% average increase for all things sold. But that’s just an average.
The window and door industries rely on key manufacturers like glass companies, wood and polymers, which have their share of supply and workforce problems. The jump in transportation and fuel costs, an industry for which the manufacturing of windows and doors are dependant, creates a struggle for window and door suppliers to maintain old pricing.
In a CBC article, ‘Why Price Tags are Climbing’, a mattress manufacturer suggests ‘it may take another year or two for the supply chain to return to normal.’
However, that’s not changing the average price increase of 7.5% per year for windows and doors.
Currently, bank loan interest rates and lines of credit rates can be found around the 3- 6% range. So, it makes sense not to pay the yearly window and door increase rate of cost (avg 7.5%)
Your decision to purchase a house has been a sound one; your investment has already paid off. If you can make solid financial decisions about its upkeep, you’ll stay at the top of the Return on Investment (ROI) market.
Read our post, Are Replacement Windows a Good Investment? to discover where window replacement sits on the list of home renovations that give back (to you and the next owner) the most.
Click here to read our blog post with Tips for Choosing an Entry Door.
Read an expanded list of happy reasons in Forest City Window & Door Ltd. blog post, ’10 Reasons you Should Consider Replacing all Your Windows at Once’
Thankfully, being kind is often a good thing when it comes to getting what you’d like. Ordering more of anything allows you the buying power mentioned at the beginning, and best of all, a discount.