Whether you are planning to resell your house, increase your home’s value, or just looking for ways to improve your home, one of the quickest and simplest ways to do so would be by applying a fresh coat of paint.
But what else can paint do aside from making your home more attractive? In this edition of Lamudi Q&A, we examine how a wash of paint over your home’s interior or exterior can potentially increase your house’s market value.
Q: Does a paint job increase your house’s value?
Having your house painted over will not only increase its aesthetic value, but can make it stand out in a competitive market. Real estate professionals attest that investing on a paint upgrade can give an average of 141-percent return on investment. Some even claim that it can go up to a 300-percent return for quality paint work. In short, the better the quality of the paint job, the higher the returns.
In addition to these, if you are planning to resell your house, you are more than ready to welcome prospective buyers into your fresh property. But again, you have to ensure that the quality of the paint job is excellent, since buyers look into that too.
Q: What are its advantages over other home improvement techniques?
Every year, reputable home improvement sites like HGTV publish studies on how various home improvements affect their value. According to their study, paint upgrades top the list of consistently proven ways to raise the value of a property.
A few common examples of home improvements that do little on returns are kitchen renovations and bathroom renovations. Kitchen renovations only average an 80-percent return on your project costs. Similarly, bathrooms pretty much give the same amount of returns as kitchen renovations.
According to Realtor Magazine, low-cost projects such as paint jobs, trimmings and detailing, give the best returns, since they are not too costly to begin with. It might also be a good idea to have a bit of detailing done on the side since painting and detailing are most of the time done simultaneously.
Q: Do you have some tips to maximize my profit from a paint job?
In line with your budget, you can decide to paint it yourself or hire a professional. Take into consideration what parts of your property you have to repaint.
Curb appeal is an important part of home improvement. As said before, your exteriors are the first thing your buyers or appraisers will look at. It may cost more than interior paint, but it gives your prospective buyers a good first impression of your property.
The quality of the paint job you get reflects how much time and effort you spent in maintaining a property. Buyers and appraisers want to know if your property is well-maintained. Paint bubbles, drips, or a wrong choice of palette significantly reduces your home’s aesthetic appeal.
One last pro tip: yellow is said to be the best neutral color other than the common white. Neutral colors help prospective buyers see possibilities and options in home décor.