Repaint your house to increase its market value
If you’re trying to sell a house, regardless of the state of the economy, you’d always get a bunch of wisecracks telling you that it’s not a “seller’s market”, how the economy is down the drain and how you should keep your expectations low. You are unlikely to get much useful advice: instead you’re likely to be buried under piles of pessimistic drivel.
I also have a bit of advice for you. Do not listen to them.
The second most important bit of advice I have for you, if you’re planning on selling the house, is to revamp it. This means making upgrades, renovations and repairs which will allow you to effectively compete in the saturated market and get the best price possible.
There really is no way around this: you have to spend money to make money. Being tightfisted at this crucial juncture will only hurt you later on.
One of the most important and somehow the most commonly neglected aspect of this revamping process, is painting the house. Giving your house an exterior and interior makeover is most important in attracting prospective buyers and sealing a good deal.
Research shows that it can increase the value of the house by up to 5%. This may not always be the case but even 1% is more than enough incentive as it would clearly make up for the money you spent and then some.
If you have money to spend, you could always employ vinyl sidings for the exterior of your home. However, it is cheaper to have the house painted and therefore is the best option if you’re going to sell it.
Vinyl sidings would serve you better if you are intending to live there yourself but as far as selling goes, they have relatively the same effect on prospective buyers as a fresh paintjob; which makes it a no-brainer.
A fresh coat of paint also gives the illusion that the house is well-maintained. A visually neglected exterior, with peeling walls will turn them off even if the house is in top-notch condition otherwise.
The other benefit of painting the exterior is that you can manipulate the colors to make the house appear larger than it actually is. This, of course, is a very subtle art and is best left to professional to handle. For those of you who worry that it is deceptive, put your mind at ease: there is no deception. There is no false advertising here. It’s all a matter of presentation.
The colors used should be mild and not over-the-top flashy so that it falls within the range of most palates. However, make sure that the colors aren’t dull either. There is a fine balance which can be achieved. You’ll know it when you see it. If not, then you should hire a professional to advise you.
Some of the exterior articles like railings, doors and frames should be a little more striking to set them apart and make them eye-catching. Highlighting the details is very important and creating a balance is vital.
Studies show that off-white, yellow and blue are some of the most popular choices among homeowners as they manage to attract the greatest number of buyers. Darker colors sold for less than lighter hues in almost every instance even in the cases where the base color used was the same.
However, a lot depends on the type of house it is: Cape Cod, Georgian, Craftsman, Contemporary, Mediterranean, Ranch, Tudor or Victorian. Every house type has its own aesthetics and therefore has its own set of colors that work well the complexion and colors that do not.
The colors should complement each other rather than clash rudely so pick your colors wisely while taking into account the surroundings. Relativity is everything.
Let’s not forget the inside as well now that we have made a first impression with the freshly painted outside. No buyer is simply going to gaze at the exterior and dish out cash like a millionaire.
Painting the interior typically costs less than painting the outside: one, because there is less surface area to paint and two, because nobody really paints all of it. You also have the option of a touch-up instead of a complete paint job but that depends on the state of the current appearance.
The foyer, kitchen and bathroom are considered a priority in this regard. One might think that the living room or the bedroom would be first on the list but that’s false. Living room and bedroom walls are generally in better condition than the kitchen and bathrooms, due to obvious reasons.
Just like the exterior, neutral, warm colors are preferred; gray and beige being quite popular choices. You may opt for plain white if you consider the other choices too risky. However, our experts think white is a little too bleak.
Smaller rooms can be made to appear larger by painting them a light color while the opposite is true if you paint a big room in somewhat darker colors.
An exterior paintjob is not the only thing necessary to make a house appealing. Courtesy dictates that the inside of the house be given as much attention as the external look.
However, if the inside is looking like a dump and you cannot afford to fix it, it may be slightly deceptive to spend that amount of money on just painting the house while completely neglecting the rest of the problems. If you package a turd in a pretty package, it doesn’t stop being a turd.
In such a case, you might want to consider selling the house in its present condition and not wasting your money on painting it.
Whatever the case may be, don’t borrow money for such a venture. Painting your house is an investment and any investment comes with a risk. You may win or you may lose. So, don’t gamble with money that is not yours.