Does a Fresh Paint Job Increase a Home’s Value?
April 1, 2021
If you are planning on selling your house this spring, you may be looking for cost-effective and timely projects that you can take on to improve the likelihood that your home will sell quickly and for well over asking price. Painting both the interior and exterior of your home is one such activity that increases the home’s value and potentially makes it highly desirable to multiple buyers.
Every seller dreams of a bidding war for their home, but it only happens when the stars align correctly. By that we mean the real estate market supply and demand often predicts whether your home will sell quickly or be left on the MLS property listing for days or even weeks. Bidding wars are also determined by curb appeal, location, updates on the house, and overall look of the home. New paint can be one way to increase your home’s curb appeal and a pleasing aesthetic presence.
Here are a few ideas from professional painters on how you can boost your home’s value prior to selling.
Paint Your Home’s Exterior
Real estate agents were asked to rate home improvements based upon the greatest return on investment (ROI). It comes at no surprise to professional painters that both exterior and interior painting ranks in the top ten!
A 2015 study showed that homeowners who painted their home’s exterior received a 51% return on their initial investment. That means that when it comes to it, not only do homeowners make back their initial investment in the project, but also make gains when their home sells due to that project.
Paint Your Kitchen
You’ve probably heard that updates to kitchens and bathrooms are the best financial bet when it comes to increasing your home’s overall value, prior to sale.
In fact, more and more homeowners are painting cabinets before they put their home on the market. After years of use, many kitchens need a fresh look. Painting cabinets can give that new, fresh look at a fraction of the price!
According to the Zillow paint analysis study, home buyers are looking for a kitchen that appears newer and many are even looking for the trendy “tuxedo kitchen” look. A kitchen of this style has dark cabinets and white walls. These seem to be the most attractive to home buyers.
Paint Your Bathrooms
Bathrooms and kitchens are among the most used and high traffic areas of a home. These two areas experience constant use along with the potential for water stains, mold, mildew, and regular wear-and-tear. A fresh coat of paint can make your bathroom appear updated along with resolving any stains or spots caused by the high humidity level that bathrooms often experience. Add in some new fixtures, shower curtains, and window dressings and your bathroom can have a quick and inexpensive face lift which can add 172% ROI, according to Reality Times online.
If you plan to sell your home, get started on some fairly straightforward projects that will increase the value of your home and place you in a good position to sell fast and over asking price.