Painting Smart: How to Boost Your Home's Value

Are you planning to sell a house soon and want to get the best asking price possible? Unfortunately, most factors that affect house prices are beyond our control. You cannot change the location, neighborhood, distance from the ocean, or economic indicators. However, there is one investment that makes people want to pay top dollar. With a few simple steps, such as renovation or even light painting, you can easily add $5,000 or more to your home's value! Combine a few top-secret strategies that we talk about below and increase your house sale value by over $10,000!

What kind of renovation can you do to add value? 

Any well-done renovation can add some value to your house. However, which ones are the most efficient? Based on the Realty Times, there are the Top 10 Improvement Projects that generate the highest return on investment (ROI). For example, investing in interior paint can significantly enhance your home's value. While costs vary, on average, $1,012 spent on paint renovations translates into a $2,112 increase in home value, resulting in a 109% ROI. Exterior paint can yield an impressive 51% ROI, with some painted items returning up to or even exceeding 600% on investment! Additionally, simple cleaning and decluttering can deliver a remarkable 586% ROI. Just refreshing the space inside and outside the area, cleaning furniture and counters of clutter make the house look more aesthetically good and attractive to potential buyers. 97% advise lightening and brightening the space to make it more inviting, it brings about 313% ROI. 

What to paint

We bet that when The Rolling Stones were singing: “I see a red door And I want it painted black” they knew something realtors would discover in 2018 in Zillow’s Paint Color Analysis. Homes with black or charcoal gray ("Black as night, Black as coal") front doors sell for $6,271 more than anticipated, yielding the highest sales premium of all room and color combinations. Repainting a door can cost as little as $200-$1,000, meaning a small investment can lead to a return of 600-3000%!  A Zillow home design expert Kerrie Kelly points out that "Painting a front door is one of the least expensive home prep projects with a powerful impact on a home's sale price… While cool, neutral wall colors remain popular, darker hues of blue, gray, and black are gaining popularity.” Surprisingly, based on multiple statistics and experts’ opinion, a black or charcoal door is a number one factor increasing the value.

Another spot in the house to prioritize while renovating are the rooms with the highest traffic. Potential buyers respond to them more. What are the rooms?  The rooms are the bathroom and kitchen. Based on the Consumer Report 2015, 42 % of real estate professionals we surveyed said the bathroom is one of the most important rooms of the home to have in good shape. Entryways and foyers are also an excellent choice since they are the first interior areas visitors will see.

Photo by Lasse Møller on Unsplash

How to choose a color? 

Phew, you must be so happy that all of the research was done, so you do not have to ask this question anymore! Let’s take a look at the Rolling Stones song one more time. We can only guess what Mick Jagger would sing about, but red doors actually need to be painted black. But why? Bright colors are considered to be too overwhelming and intimidating to potential house buyers. Kitchen colored in from raspberry red to barn red, can, on average, reduce the value of the house by $2,310. Still as not as bad as the yellow exterior painting that reduces the value by -$3,408! Black and Dark Navy kitchens, alternatively, can increase the value by $1,547, while light blue is by far the most popular color for a bathroom. Survey participants who saw a light blue bathroom said they'd be willing to pay more for the home—about 1.6% higher, which translates to nearly $5,000 more on a $290,000 house. 

Photo by Francesca Tosolini on Unsplash

For living rooms, gray is the best color, with light green, white, dark gray, and light yellow as good alternatives. Light taupe - a warm tan with pink or peach undertones - in your living room can bring an additional value increase of $2,793 on average. Bedrooms are the same, people are willing to pay more for blue colored spaces to sleep. Blue has the opposite effect of red and is considered the most soothing color. Primary blue is often used in therapeutic settings for meditation and relaxation, as it helps you unwind and find peace. Exactly what people need before falling asleep like babies!

Photo by Pawel Czerwinski on Unsplash

Conclusion 

In conclusion, here's how you can maximize your home's resale value with a paint job. Minimal Investment:

• Paint the Front Door(s):

  • Homes with black or charcoal gray front doors sell for $6,271 more than anticipated.

  • Cost: $200-$1,000

  • ROI: Up to 3,000%

  
  

Eliminate Value-Decreasing Colors: Avoid bright and overwhelming colors like red and yellow. Some colors, such as red or yellow, can reduce value by a few thousand dollars!

Paint High-Traffic Areas: Focus on bathrooms and kitchens, as these are crucial for potential buyers. Black and dark navy kitchens can increase value by $1,547. Light blue bathrooms can add nearly $5,000 to the home’s value. Last but not least, schedule regular House Maintenance Check-ins. Don’t forget to schedule a free house estimate, so we can help you maximize your space for sale or comfort!