How Paint Color Affects the Resale Value of Your Home
Believe it or not, the color of your interior and exterior paint could affect your house’s selling price. A first impression is everything when a potential buyer walks into a house. If the décor and backdrop (the paint) aren’t up-to-date and appealing, your house may be on the market for a lot longer than expected.
This starts with the home’s initial curb appeal. If the outside of your house looks weather beaten, you may want to apply a fresh coat or two of paint.
But, what color? Well, ensure that you are taking the rest of the neighborhood into consideration. If all homes are a neutral beige or tan, you don’t want a bright purple house. The color should also enhance the landscaping. Consider your tree and shrub colors when shopping for the new color. It should also augment the type of home (i.e. Victorian houses normally take on bolder hues). Lastly, a roof is a major selling point. Take into account the color of your home when choosing a complimenting roof color and vice versa.
White is one of the safest, go-to exterior colors. There are many enhancements that a white exterior can have on curb appeal. These include the following – white can make your house look larger, it’s a clean-looking color, and it soaks up the light in a shady yard. With a white house, you can also effortlessly paint the trim a color that makes the entire house “pop.”
Beige, tan and brown are the second most popular exterior colors on a home that appeal to buyers. A beige home is conservative and blends well with many landscapes. Brown hues also yield security in the human mind.
Zillow recently released a study where they examined photos from nearly 50,000 home sales and analyzed how certain room types and paint color combinations correlated with the houses’ selling prices. Some colors actually helped buyers make a premium of up to $5000!
Let’s take a look at what interior colors boost or hurt the resale value of your home.
These tones include hues of brown, green, blue, orange, and some reds and tans. They are often colors that are presented in nature and have an extremely warm, inviting, and relaxing essence. Colors like these work well with most other colors, wood, stone, metal, or glass; therefore, potential buyers are not as phased by them.
According to Zillow, “homes with yellow kitchens, often in hues of creamy or wheat yellow, yielded the highest sale premium ($1360 above expected values).” Beyond the yellow, wall colors that were painted in other earth tones were among top-performing listings.
Neutral colors can easily please many different taste pallets. When a potential buyer sees a neutral colored interior, they don’t automatically think of the money they may need to spend just to “cover-up” or paint the ugly walls.
According to Zillow’s chief economist, Svenja Gudell, “Warm neutrals like yellow or light gray are stylish and clean, signaling that the home is well cared for, or that previous owners had an eye for design that may translate to other areas within the house.”
DO NOT USE DARK COLORS. These have been proven to deter buyers. Zillow found that houses with “dark or style-specific wall colors” sold for up to $1100 less than expected.