Thinking about selling your home sometime in the near future and looking for ways to boost your home’s value and, potentially, the asking price? There are lots of home projects that can make your home look better, operate more efficiently, and provide more comfort. A new kitchen, bathroom, or addition would definitely help boost your asking price and make your home more desirable. A new roof, furnace, or upgrade in your electrical system would certainly not hurt. All of these projects, however, are costly and will take time and be a huge disruption to your daily routine. But what about painting the interior or exterior (when the weather is appropriate) of your home? Let’s take a closer look at the return on investment (ROI) of painting your home.
U.S. News and World Report cites licensed real estate brokers as stating that, “It’s hard to calculate the return on investment for a coat of paint, but if there is any way you can bring light in, it’s going to affect your price.” For those on a tight budget, fresh paint can go a long way to brightening a room. In general, real estate agents say a well-maintained home can easily command a 5-10% premium, especially when it looks like it’s in move-in condition. A coat of paint can create the look of a new space fairly quickly.
Many studies have been completed on the value of a fresh coat of paint when selling a home. One study completed by HomeGain Top DIY Home Improvements for Seller Survey states that painting the interior of your home results in a 107% on the return on investment (ROI), and painting the exterior leads to a 55% ROI. A 2017 survey from the National Association of Realtors supports this study. About 68% of realtors recommend painting walls and 62% recommend paint touch-ups prior to putting a home on the market. These studies show evidence that not only is there an excellent ROI for painting the inside and outside of your home but, in some cases, it may make a huge difference in the asking price and whether there is a bidding war on your home.
If you are considering selling your home and want to explore professional painting before that “For Sale” sign gets put up, call Jerry Enos Painting at at 978-546-6843, or visit our website to schedule a free estimate.