The Effects of Painting and the Market Value of a House
Are you about to move out from your house and preparing to sell it? You must want the sale to go through as fast as possible yet with the highest chance of attaining a high value. If that is what in your mind at the moment, there are some proven ways to increase the value of your house. So, how do you do it? One significant, tried and tested way that can be considered as the most profitable, is to paint your house.
You may have been thinking about doing this already and painting your house before selling it will definitely increase your chance of getting a higher value of it. Even so, you may still wonder whether it is really worth a try or just a bluff. Well, if that doubt is still lingering in your mind, here are real examples where painting increased the value of the houses.
Robert Lattery, a former owner of a house in Apple Valley in the US needs to move out because of his work. However, he has a problem when it comes to selling it. He said that most of his potential buyers turned around after seeing the master bedroom. The problem was that the master bedroom was painted by using spongy technique with a purple paint. This indeed looked unappealing to many potential buyers. Plastering Sydney One thing that would be an obvious solution, of course, is to repaint it with a neutral color.
After Robert had his main bedroom repainted with neutral color, to his surprise, the selling process become piece of cake and it sold soon afterward. Additionally, that period was the lowest point of the ‘great recession’, a time when it was hard to find home buyers anywhere.
That example details how painting helped attract customers more easily. This one affirms a modestly profitable sale. Jeremy Bill, a former house owner in Quakers Hills, Sydney, Australia had at first, put his house up for listing, and was offered through the real estate agent the amount of $503,000. Seeing this as an inappropriate price for his house, he asked the real estate agent for the reason.
The answer that came back was very similar to the first example, that an un-neutral, unsightly paint color was repelling buyers. With that in mind, he repainted his house for about $5,000.
That included the labor as well. Just as expected, all that effort paid off by the house get sold for $510,050 or $7,050 more than the previous. In other word, Jeremy earned return $2,050 from his painting effort, a modest increase but not bad for a week’s effort.
Although that’s a fairly modest example, according to research shown on the website ‘Quality Smith’, painting the exterior of your home on average results in an increase of 90%. Painting the interior of your home averages out to a 75% increase in value.
In conclusion, increasing the value of your home by investing some money on it may need to be done if you want it to get the highest value possible. And among the best things to do, painting is often an affordable way to go.