When it comes to increasing the value of your home, updating the exterior with a fresh coat of paint is a cost-effective way to boost curb appeal and attract potential buyers. In this blog post, we’ll explore how much does exterior paint increase home value and why it’s worth the investment.
How Much Does Exterior Paint Increase Home Value
Increased Curb Appeal
One of the most significant benefits of exterior paint is the boost in curb appeal it provides. A freshly painted home can make a great first impression on potential buyers and help your home stand out from others on the market. According to a survey by the National Association of Realtors, 69% of real estate agents recommend a fresh coat of paint for a home’s exterior before listing it for sale.
Higher Resale Value
Not only does exterior paint increase curb appeal, but it can also increase your home’s resale value. According to a study by Zillow, homes with black or charcoal gray front doors sold for an average of $6,271 more than expected. This shows that small updates to the exterior, such as a new paint job, can have a significant impact on the perceived value of the home.
Compared to other home improvement projects, such as a kitchen remodel or bathroom renovation, exterior paint is a relatively inexpensive upgrade. According to HomeAdvisor, the national average cost of exterior painting is $2,848, with a typical range of $1,710 to $3,988. Considering the potential increase in home value and resale value, investing in exterior paint can provide a high return on investment.
Factors that Affect the Value Increase from Exterior Paint
After learning how much does exterior paint increase home value , here are some of the main factors that can affect the value increase from exterior paint:
Quality of the Paint Job
The quality of the paint job can affect the perceived value of your home. A professional, high-quality paint job can have a more significant impact on curb appeal and value than a DIY job or a lower-quality paint job.
Color and Design Choices
The color and design of the exterior paint can also impact the perceived value of your home. Neutral colors are generally preferred by homebuyers and can increase the perceived value of the home. Bold or unique color choices may appeal to some buyers but could turn off others.
Condition of the Home
The overall condition of the home can also impact the value increase from exterior paint. If the home has significant structural or maintenance issues, a fresh coat of paint may not have as much of an impact on the home’s value as it would on a well-maintained home.
Location and Market Conditions
The location and market conditions of the house can also impact the value increase from paint. Homes in high-demand areas or hot real estate markets may see a higher return on investment from exterior paint than homes in less desirable locations or slower markets.
In conclusion, the answer to the question “how much does exterior paint increase home value” depends on many factors. An exterior paint can increase your home’s value by improving curb appeal and resale value, and it’s a cost-effective home improvement project. While the actual value increase can vary depending on several factors, investing in a high-quality paint job with neutral color choices can provide a significant return on investment.