Will Painting My Home Really Add Value?

If you’ve lived in your home for a couple years or more, you’ve probably made a trip or two to the hardware store to compare paint swatches. While painting itself can be tedious and disruptive, admiring the finished product is one of life’s greatest joys. Right up there with romantic sunsets and a great book.  I mean, who doesn’t love that new paint smell? It’s probably only second to that smell you get from the holy union of fresh coffee and bacon in the morning. Does painting one’s home really add any value beyond the immediate, however? Let’s dive in.
 


Experts say, “Yes, a fresh coat of paint can increase your home’s value.”
This piece from Angi (formerly Angie’s List), states that interior home painting can result in a 107% ROI, or return on investment. That’s, well, that’s pretty amazing. NAR, or the National Association of REALTORS, reports up to a 10% increase in home value with one caveat: color choices matter. We’ll get into that in the next section but for now, one question remains, why does a fresh coat of paint have such a dramatic impact on home value? The answer is twofold.
 

• A fresh coat of paint just makes everything better. It fixes small knicks, scrapes, and dings and revitalizes faded, stained or aging walls, infusing the space with new life.
• There’s also a psychological component. Like mentioned above, the look and smell of new paint can be intoxicating. It makes everything seem newer, cleaner and all around exciting.

 
What colors provide the most value?
As mentioned, the ROI for new interior paint is worth your time and effort. Of course, certain colors are more likely than others to command the maximum ROI for your home. Right now, whites, greys and beiges are still the top choices for homeowners. Said colors are more often associated with freshness and modernity. Which, a large number of homeowners value. I know what you’re thinking. Why would ANY color persuade or dissuade prospective buyers? They can paint the walls any color they like! True, but the goal is first impressions. Your goal as a home seller is to show buyers what is, not what could be. Hence that term, “move in ready.” By utilizing trending colors and design trends, you appeal to the widest base of buyers.
 
What colors are a no go? While the homeowner might enjoy orange, pink, purple and other shades of the red family, NAR reports that those colors are most likely to turn off buyers. Why? Because of their strong associations. Red, for instance, is associated with anger, heat and stop signs. Red is also the color of neon. Many eating establishments incorporate it into their signage as studies show it can invoke hunger. So red, particularly in a kitchen, can be seen as a temptation or invitation to excess.
 


Summary
Yes, painting the walls of your home before listing it on the market can increase your home’s value. The return on investment is far greater than the upfront expenditure. Home values, however, are influenced by a variety of external factors including comparable sales in your neighborhood, paint color choices and the overall condition of your property. Prospective homebuyers, however, are largely attracted to the “new” look and smell of homes with a fresh coat of paint.