Does Painting Increase Home Value?
A common question that we field as painting contractors is whether or not painting will increase home value or have a positive impact on selling a home. These are reasonable concerns when you consider that a house is likely the largest asset most people will ever own. It’s especially important to consider if you plan on selling your home in the next 5-10 years and are counting on improvements to maximize your asking price.
The good news is that painting your home can be very beneficial to increasing its overall value. The National Association of Realtors consistently touts the benefits of interior and exterior painting to improve your home, as well as the increased ROI and overall homeowner satisfaction. Read on to learn all of the ways that painting can increase home value.
How Painting Can Increase Home Value and Improve Your ROI When Selling Your Home
1. Painting Enhances Curb Appeal
You only get one chance to make a great first impression when a potential buyer pulls up to your home. Painting before selling sets you up with the best opportunity to meet home buyers’ high expectations from the moment they step out of the car. In fact, 98% of realtors recommended improving curb appeal before listing a home for sale in a recent National Association of REALTORS® survey.
Think of it this way. You’re a buyer about to commit to a 30-year loan worth hundreds of thousands of dollars. Would you be excited to purchase a home with peeling siding and dry-rotted trim? You would certainly be looking to reduce the price! After all, you’re not just buying a home now. You’re buying a future project, too.
Alternatively, buyers who tour a home with a fresh coat of exterior paint will immediately see the benefits:
- No need to spend additional money on re-painting after purchase.
- No new work on the exterior to hold up settling in.
- Evidence the home has had at least some regular maintenance on the exteriors.
- “Brand-new” feel, no matter the age of the home.
Exterior Painting Recommendations
If you have to choose between interior and exterior painting, exterior painting is usually the better option. It’s the more daunting project of the two for a new homebuyer to take on because it costs more, requires more logistical considerations and really requires a professional painting contractor to be completed properly. If you can check it off the list ahead of time, it will benefit you during the negotiation process.
- Choose a neutral color like gray, beige or white unless advised otherwise by your painting contractor orrealtor. The best color to paint a house exterior is one that has broad appeal and fits the community.
- Make sure your trim is also repainted with a color that enhances the siding.
- If you have the trim painted by a professional painting company, make sure they include the benefit of cleaning up and re-caulking around the windows and doors. That will make passing inspection a lot easier!
- Include all warranty information related to the paint and workmanship, especially if it can be extended to the new owner.
2. Show Off the Best Parts of Your Home
Do you have gorgeous millwork, unique architecture or other accents that set your home apart from the rest? Do you want to show off a massive fireplace, cozy reading nook or the perfect way the morning light makes the kitchen glow during breakfast? If you’re looking at how to increase the value of your home, showing off all the reasons you love it is a good start.
Paint has the power to highlight these seemingly small details to create the wow factor that inspires buyers to commit. Real estate companies like Zillow sometimes refer to this as “online curb appeal” or “digital curb appeal” in reference to potential buyers touring the inside of homes online before they make a decision to go in person.
A new coat of interior paint will also make your home look fresh, clean and new. It takes a house from “lived in” to move-in ready. Again, new buyers are already spending thousands of dollars on a down payment, moving costs and other expenses related to buying a home. If they can move in without having to spend additional money covering up the crayon marks in your child’s old bedroom or repainting greasy kitchen cabinets, it will have an influence on their decision.
Interior Painting Recommendation
- Consider a whole-home repaint before selling your home. It will create a cohesive look and really amplify the “blank canvas” feel prospective buyers prefer.
- If you can’t afford a whole-home repaint, consider painting hallways and main living spaces like kitchens and bathrooms.
- Like exterior painting, you should select neutral colors. Do your research to see the best paint colors to sell a house. This Zillow report shows some of the surprising ways color can influence the final sale price.
- De-clutter during the painting process to better stage your home for buyers.
- This is also the time to cover up any experimental paint colors or paint over that all-red bedroom your teen just had to have.
- If you have tiny rooms, poor lighting or any other potential “defects,” paint can do a lot to improve these problems, too.
3. Paint Protects Your Home
Painting can also enhance your home value in an unexpected way — by protecting it from damage and prolonging the life of the exterior and interior. Everyone loves the way paint looks, especially a fresh coat. But paint is about more than appearance. In fact, the main reason to paint your home is to protect it. The color is just a benefit.
Exterior paint protects your siding from damage caused by constant exposure to harmful UV rays, unpredictable weather and general wear. Without it, your siding would dry out, crack and even rot, leaving the interior walls, wiring, insulation and frame vulnerable to damage. Painting seals the wood, maintaining it so it keeps water and debris out and protects everything within. That alone makes it one of the best home improvements to increase value.
Your trim is also helped by paint. And, of all the areas you paint on your exterior, it may be the most important. That’s because your trim seals off the seams around your windows and doors to prevent water from entering your home. However, your trim can only do its job if it is properly painted to withstand bad weather and the hot sun.
Protect Your Interiors, Too!
Interior paint is also important. It protects your drywall from moisture, scrapes, scratches and dents. Paint makes your walls and trim easier to clean so you don’t end up with a build-up of dirt and grime. It can even seal up hazards like lead paint or cigarette smoke stains.
If you neglect your paint, it will contribute to a decrease in your home’s value — and not just because of the lack of curb appeal or unsightly interiors. No one wants to discover they need to purchase a houseful of windows right when they are about to sell. You certainly do not want to find out that the “mild” mildew problem in the bathroom is actually moldering drywall. Proper paint maintenance will help you prevent those last-minute mishaps.
Grow Your ROI While Enhancing and Protecting Your Home
If you’re thinking about selling your home in the future, or if you simply want to improve the space you live in while enhancing your investment, interior and exterior paint can make a big difference. If you need any help getting started, give AMC Painting a call. We offer complimentary estimates so you can make an informed decision about upgrading your home with professional painting services.