How A Paint Refresh Increases Your Home’s Value
Posted on February 28, 2022
New paint can do more to improve the appearance of a home than almost any other project. Homes are designed to be seen, so everything we can do to improve the look of a home is beneficial. Whether you are applying for a new mortgage or looking to sell, repainting both the interior and exterior of a home can increase your home’s value. Today, we will delve deeper into why this happens and how to take advantage of it.
First Impressions Make the Difference
Most of us form an opinion on the appearance of a home in the first few seconds of seeing it for the first time. For this reason, prospective sellers should make every effort to improve the home’s curb appeal. New exterior paint can literally change the look of a home and increase the value by as much as 5% in certain situations.
Painting Is an Investment
We sometimes feel that repainting is just something we do to make the space more pleasant to occupy. In reality, new paint is a capital investment in your home that can either increase or decrease the home’s value. Color coordinated, quality paint projects can significantly change the look of a home in need of a facelift.
As such, we should consider painting as an investment and try to do the best quality job possible. Don’t simply throw some new, but poorly applied paint onto the home without regard for crisp lines and color coordination. Remembering that first impressions are critical, it is better to paint fewer rooms well than to paint every room poorly.
Is Interior or Exterior Paint More Important to Refresh?
For resell, both interior and exterior paint refreshing are equally important for maximum effectiveness. Obviously, homes with fiber cement board and hardboard will require exterior paint, so if the exterior is in poor condition it should be given first priority. Repainting the exterior not only improves the appearance, but protects the home as well.
Interior painting, unless there has been damage to repair is generally optional at resell time. However, most real estate professionals recommended repainting the interior prior to listing. Repainting removes odors, cleans, and refreshes the surfaces to provide a more inviting first appearance. These same professionals however, strongly recommend using neutral colors that will appeal to most viewers.
Painting For Profit
Many real estate marketing professionals share the belief that painting certain rooms will affect the resale price more than others. The best example is painting a kitchen. Pros recommend that if time and/or funds do not allow for a full repaint of the entire home, paint the kitchen first. The theory is that everyone spends time in the kitchen, so if prospective buyers find a nice, clean, brightly painted kitchen the chances for a sale are improved.
