In Minnesota, there is no kind of shortage in painting…
As a house painting company, our work may seem pretty straightforward, and in many ways, it is. Painting walls, cabinets, trim, and the like is something we’re very familiar with after more than fifteen years in business.
That said, there’s another side to our business that may appeal to anyone selling a home or investing in real estate: ROI. It’s been said that painting is one of the cheapest ways to increase your home’s value, and that’s absolutely true. In this article, we’re taking a closer look at just how much value a paint job can add to your home as well as the different values provided by a professional painter’s work and a DIYers.
Why House Painting Offers High ROI
Why does painting add so much value to a home? Because buyers and renters are unimaginative.
While it’s definitely possible to sell your home and let the new owner do the painting (which seems like common sense) that process swings heavily in the buyers’ favor.
Although painting is a very small investment, it can make a very big difference to a space. Consider how your grandma’s home in the suburbs might look today. It may be nice and kept in great shape, but if the style has fallen a decade or two behind, it starts to appear dated to potential buyers.
Yes, you’re right in thinking that buyers can update the space themselves, but that just sounds like a lot of work – most people overestimate how much they’d have to do to get the place looking like they want.
Imagine how different the grandmother’s home (in this example) would look after a simple paint job and absolutely nothing else. Replacing a few outdated shades of beige, yellows, pinks, and other tones that are now a distant memory would completely change the feel of the space.
Assume that the house was professionally painted with the colors and shades of 2018. That alone would indicate to the buyer that they’re buying something that’s up with the times. They may only think this subconsciously, but that’s enough to increase the value in their own mind.
Doubting us on that?
A recent study by Zillow shows that a light blue bathroom could make a home up to $5,400 more valuable. At what cost? Maybe a few hundred dollars at most.
A Closer Look at the Numbers
So if light blue bathrooms are worth $5,000 or more in the mind of a buyer, would re-painting an entire home increase its value even more?
There are several factors to consider before going out and re-painting anything in your home. They are:
- Trends & Styles
- Real Estate & Your Neighborhood
- Professional Vs. DIY
Trends & Styles
In some cases, it’s just not necessary to paint. In other cases, it’s a big mistake. The key is to know what buyers in your area are looking for.
There’s rarely any sense in changing out a nicely painted, neutral-colored wall, for instance. An example of what would likely be a big mistake is this – re-painting with a bold color that makes way too big of a statement.
While some people might appreciate bold looks and designs, the goal when selling is to appeal to the largest amount of people – not a small group of individuals. You don’t want to scare someone off with something as simple as a paint color (yes, it does happen!)
Because of this, it’s essential to keep up with interior design trends to know which paint colors add value to a home and which take away. These colors are ever-changing, so it’s best to do a lot of research before committing.
Real Estate & Your Neighborhood
Sometimes the value of a home is limited by the neighborhood that it’s in. If your home is already the most valuable home in your neighborhood, then it’s not necessarily likely that re-painting will add the same amount of value to your home as it would for a mid-tier property.
Remember, just because fresh paint always looks better doesn’t mean it’s necessary for selling a home.
Talk to your realtor before making any assumptions. Sometimes top-tier homes do need a fresh coat of paint to maintain the quality that people expect for higher priced properties.
Professional Vs. DIY
A great paint job is a great paint job, but the fact of the matter is that professionals are much more likely to end up with a result that will help your home’s value to increase.
Doing a job the wrong way, the sloppy way, or anything like that will end up costing you in added value.
Not to mention, potential homebuyers love to hear that a job’s been done professionally. It gives them confidence in what they’re buying and lets them know that their investment isn’t going to go to waste.
Potential Value Added by Re-Painting Bathrooms
Believe it or not, Zillow’s data from listing photos shows that re-painting a bathroom tends to add more value to a home than any other room that you might paint. We already mentioned how blue bathrooms can add as much as $5,400 to a home’s value, but amazingly, easy come, easy go.
White bathrooms actually reduced the average home’s value by $4,035.
Potential Value Added by Re-Painting Bedrooms
According to the Zillow study that we’ve been referencing, a bedroom with a “cadet blue” paint color was likely to add $1856 to a home’s value (as of 2017.)
It’s not outlandish to assume that a similar choice for your master bedroom could be worth thousands as well. If you have any rooms that have very strong statement colors (kids’ bedrooms are often this way) then you may also be saving significantly by neutralizing the walls.
Potential Value Added by Re-Painting Your Kitchen
In many ways, it could be said that kitchens have some of the highest potential to add value to your home. Unsurprisingly, a kitchen’s paint color is extremely likely to impact the perceived value of your home.
Zillow’s analysis shows that blue kitchens are worth $1,809 in extra value. On the other hand, yellow kitchens are likely to reduce a kitchen’s value by as much as $820.
Potential Value Added by Re-Painting Your Living Room
Do living room paint jobs have the potential to add or take away any value from your home? Of course!
The surprising thing is that Zillow has proven that the color of a living room can have the exact same effect that the color of a kitchen can. The colors are different, but the potential value adds are the same – brown living rooms averaged a sales price $1,809 higher than homes with living rooms of different colors.
What kind of color reduced value? The same one that added value in kitchens – the color blue. Blue living rooms garnered selling prices that were $820 lower (on average) when compared to living rooms of other colors.
Lost in all of the data about house painting ROI we shared here? No worries, the important thing to know is much more simple: professional paint jobs get homes sold faster and for more money. If you live in MN and are ready to get your home painted, we’d love to help you achieve your dream look – whether you’re selling or not!
Give us a call today for a free quote.