Adding a fresh coat of paint is the most cost-effective way to increase your home’s value
What’s the first word you use to describe your house if you’re giving someone directions to your home? You’re going to say something like, “It’s the brown house on the left.” Unless a house is vastly different in architecture from its neighbors, the first thing we notice is usually its color.
You’ll also notice, negatively, the house with the peeling paint.
Given this fact, it’s obvious that a fresh coat of paint will get your house noticed and increase its curb appeal. In the process, it also increases its value. Read on to learn why painting is one of the most cost-effective home improvements, with a great return on investment.
Painting the exterior of your home
In this market, you may be more concerned about your return on investment. According to a HomeLight 2022 Top Agents Insight report, a fresh coat of paint is estimated to increase the release value of your home by $7,571.
The national average for exterior house painting runs around $3,029, which works out to $.50 to $4 per square foot. Even if you spend $4,000 on your new coat of paint, you’ll still get an estimated 186.26% return on your investment.
Curb appeal = demand = $
While you may not be putting your home on the market now, preserving its value should always be top of mind. In the same HomeLight report mentioned above, agents found that home buyers will pay an average of 7% more for a house with great curb appeal. Looking back at the house with the peeling paint—curb appeal cannot be overestimated.
Again, the first thing the potential buyer notices is the color of the house. If you want them to see how lovely your home is inside, you don’t want to scare them away with a bad paint job or an unappealing, riotous color on the outside. (Read more about choosing colors here.)
With a new, professional paint job, your house will catch the eye—and the best price.
For even more ROI, make it a summer project
While you can schedule a painting project any time of year, when it comes to ROI, there are a number of reasons why summertime is the best time to paint your exterior. When the weather is warm, you can expect faster drying time and fewer interruptions due to rain or other inclement weather. Saving on time, and avoiding project delays can greatly increase your ROI during a home renovation.
Painting in the summer also gives you the opportunity to address any wear and tear your home’s exterior may have experienced over the winter season. It is almost always less expensive to repair these things now rather than waiting and risking further degradation.
How the interior paint affects your home value
A game of hide and see
A fresh coat of paint is like a blank canvas, inviting creativity and personalization. The prospective home buyer wants to envision the rooms as theirs, with their paintings and their furniture. Meanwhile, it may spark your own interior decorating ideas, making it the ideal time to update your space with a new theme, new art, or new furniture.
Cover up those blemishes
Another benefit of interior painting that can increase your home’s value, is the blemishes that are covered in the process. As you remove picture frames, you may see that gaping hole you covered rather than fixing, or that molly bolt you no longer needed.
Fixing all the blemishes and having fresh, clean walls improves the overall look of your room, making it more desirable.
Small accents for selling features
Updating your interior paint can also help draw attention to special features, like door trim, molding, wainscoting, and plate rails. You can enhance your existing architecture of a room or let the new paint color be the enhancement.
Some ideas are adding texture, painting one wall a different color for accent, or painting the trim on the front of the window seat a different color. Who doesn’t love a window seat? Make it pop. You can also brighten your kitchen with a yellow paint shade, to compensate for the lack of natural light.
Find 10 tricks for livening up your living spaces here.
Leave the painting to us
Whether you paint your exterior, interior, or both, it’s clear that painting your home is an easy, cost-effective way to increase the value of your home. What color house will you say to look for the next time you give directions to your house?
Whatever your dream color is for your home, the professionals at Timmins Painting are here to make it a reality. With over 25 years of experience serving Sonoma County homeowners, our team knows the importance of preserving the value of your home with a quality paint job, inside and out. Contact us online to request a free estimate today!