If you’re looking to sell your home, then you’re probably hoping to earn as much money off it as possible. In order to increase the value of your home, there are some crucial steps you should take. Specifically, it comes down to two important details: renovations and paint colors. Here are some tips to help you get the most bang for your buck when making these changes to your house.
Make Renovations as Needed
While not every room of your home will be due for a renovation, there are certainly some changes that can help increase the value. Be sure to start by repairing any significant flaws, such as walls crumbling or appliances not operating properly. Make those look good as new first before renovating an entire room or area for aesthetics.
According to the Appraisal Institute of Canada, here are the top five renovations that have the highest return on investment:
- Repainting the interior and/or exterior
- Updating decor, such as lighting, countertops, and flooring
- Decluttering to better show your home’s features
Renovations in the kitchen and bathroom are all about updating the quality of materials and making sure they are consistent with the rest of your home. Other renovations that can help your home maintain its worth are replacing the roof, updating the heating and cooling systems, replacing windows and doors, updating electrical work, and repairing structural defects.
Certain renovations like basement finishing, decks, and sunrooms might seem like the most exciting to complete. Yet, these additions aren’t always necessary. It’s best to stick to the areas you know will benefit new homeowners as opposed to the areas that seem the most fun for you.
Renovations to Avoid
One thing to be cautious of when updating your house is getting too creative. Originality and eccentric ideas might work well for the home you’re about to move into, but it might not always go over well with buyers. Choose renovations that both look good and are practical rather than simply choosing the styles you personally like best. After all, everyone has different preferences.
One example would be choosing a paint color that strongly contrasts the neighboring houses. As much as you adore your color choice, your potential buyers might not. Paying attention to the neighborhood and the expectations of the buyers in the area is a good place to start. There is such a thing as over-improvement if you modify things that didn’t need to be changed in the first place.
You can also skip renovations that aren’t as profitable as the kitchen or bathroom. For example, if you have a pool, wine cellar, or other feature that not every buyer is interested in, it might not be worth it to spend a lot of money on renovations. Instead, focus on the main rooms that anyone would be guaranteed to use. For most buyers, obscure renovations add little to no value to a home.
Seeking Help with Renovations
If you’re unsure where to begin with the renovation process, you could consider turning to a professional for help. An interior designer, renovation specialist or professional painter can inform you of which modifications are mostly likely to benefit your home’s value. Plus, they can also give you more exact numbers for how much certain renovations can increase or decrease your house’s value.
There’s no need to change too much in your home, but it’s a good idea to at least fix any imperfections and update the main rooms as needed.
Choose Paint Colors Wisely
Believe it or not, the paint colors alone can tell you a lot about your house’s worth. And they’re not always what you’d expect. According to Zillow, black doors could increase the value of your home by 2.9% while having a barn red paint in a U.S. kitchen could decrease the price by $2,310! So, choosing the proper colors for your house and location are crucial when it comes to increasing the value of your home.
Colors to Consider
Of course, everyone has different color styles, so one paint choice might appeal to certain buyers while others might interest a totally different crowd. In many cases, the modern painting styles are go big or go home. A lot of trending paint colors are more bold and less traditional than they used to be, but that’s okay! Trying some of these colors might make your home sell faster and even increase its value.
If you’re looking to play it safe, many neutral colors like “greige” are in right now. Greige probably sounds like some made up word, but it’s a mix between gray and beige. However, if you choose to paint the exterior of your home with a more neutral color like this, then it’s a good idea to paint your front door a more vibrant color to balance it out.
On the other hand, if you’re looking for something a little more bold and outside of the box, sleek black could be used to accent certain rooms. It will give the room a more edgy and dramatic feel. It might sound silly at first, but when you pair a dark room with vibrant decorations, it can really make it come together. This style works best for bedrooms, especially if the doors are light colors to contrast it.Dark, simple, and neutral colors aren’t for everyone though. If your home is dying for a colorful look, options like a soft blue, sage green, or dark blue-green could help give a room its own personality. These aquatic colors seem to be preferred for common areas and bathrooms.
Colors to Avoid
While the above colors might have a positive effect on your house, there are other options that are more controversial and could actually decrease your overall home value. The value of most paint colors also greatly depends on where it’s used in the house.
While neutral options like greige might improve your home’s exterior, there are many interior rooms where it would do more harm than good. Brown and taupe are perfect examples. Brown might be okay in a bedroom, but in rooms meant for socializing and eating, it can be overbearing, decreasing a home value by $2,260.
Taupe is another neutral color that could benefit certain areas of the house while negatively affecting others. Neutral colors like taupe could decrease a home’s value by 10% if found in the kitchen or dining room. However, if it’s used on the exterior or in the living room, it could increase the value of your home by about $3,750. So, choosing colors correctly is crucial.
Another color that could be seen negatively is light blue. While light blue can be soothing in relaxing areas such as the bathroom, it’s considered somber when used in busier areas, such as dining rooms and living rooms. Deep blue is acceptable in bedrooms though because it provides a relaxing tone that can improve sleep.
One color that’s particularly confusing is yellow. Some sources say that a light yellow gives a home an upbeat and beachy vibe, but others state that a bright yellow house could be too energizing or hard on the eyes. If you feel yellow is needed in your home, it’s better to keep it inside because a house with a bright yellow exterior could cost you $4,575!
Every buyer will have a different opinion when it comes to the color of your home, but in general, these interior and exterior house painting color suggestions should be able to help you make an educated decision. Instead of simply choosing the colors that you like best, choose them based on what’s trending.
Selling a house is no easy task, but by making these necessary changes, you should find success in no time. Work on fixing all the flaws that could steer a buyer away and update your home to fit a buyer’s needs. The design of homes is constantly changing, so it can be overwhelming at first. Therefore, the easiest way to begin is to settle on the paint colors that are most likely to increase the value of your home.
Are you looking for a professional to help make your home shine? Brad McDonnell Painting & Decorating is here to help! We can assist with all your Victoria painting needs to ensure that your house is looking good as new. Our new paint job will have buyers lining up to look at your home in no time!