Did You Know There Are Certain Paint Colors That Increase Home’s Value?
Noel Painting thinks you should know that color can affect a home’s value, and can add or subtract from that value. Some things are obvious. A residence is part of a neighborhood, and a color that does not fit in with its neighbors may stand out the wrong way, and lose value. Similarly, older homes in a particular architectural style may have more value when painted colors current when they were constructed.
A 2016 study by a national on-line sales and rental firm examined tens of thousands of photographs of homes that were sold, to see if color had any impact on value. The study concluded that yes, color had a considerable impact on the home’s value. Certain colors created higher values.
That study reported that a light green in a bedroom added some $1,300 in value. Living rooms in shades of light grey added some $800 in value. Bedrooms painted shades of blue added some $1,800 in value to a home’s sale price, and bathrooms painted blue also added $1,800 in value. Kitchens painted in yellows added $1,300 to that sale price. Surprisingly, a front door painted grey or blue on the outside added some $1,500 in value to a residence.
A few colors decreased value. Off-white or eggshell white kitchens decreased overall sales price slightly. Terra cotta and dark brown decreased a home’s value by several hundred dollars.
It’s likely that if the study was done in 2018, that it would still show a pattern of colors affecting a home’s sale price, but those color preferences might have changed. What is important is that if you want to put your home on the market, you need to pay attention to color trends. It may seem like just fashion, but it has real financial impact on value. It’s a good idea to consult with Noel Painting if you are planning on selling. Investing in trendy new colors could have a big payoff.