Lena Rivera
A fresh coat of paint can significantly impact the appraised value of your home. While paint colour is subjective and often down to personal taste, the overall condition of the paintwork is important. Peeling, chipped, or faded paint can suggest a home is neglected or poorly maintained, which will negatively impact its value. A well-painted home, on the other hand, can look cleaner, more modern, and well-maintained, which will increase its appraised value. Paint is relatively inexpensive, and a new paint job can yield big returns when it's time to sell.
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What You'll Learn
A new paint job is a cost-effective way to boost your home's appraisal
A new paint job is one of the most cost-effective ways to boost your home's appraisal. A fresh coat of paint can make your home look nicer, more modern, and well-maintained, all of which can increase its appraised value. This is especially true if your home has chipped, peeling, or faded paint, which can negatively impact the evaluation.
While paint colour is generally not a factor in appraisals—as it is considered a subjective matter of taste—a well-painted home can still make a great first impression on appraisers and buyers. A 2015 study estimated that the return on investment for an exterior paint job was 51%, while Consumer Reports estimates that enhancing your home's exterior, including paint touch-ups, can boost its value by 2-5%.
If you're preparing your home for an appraisal, a new paint job can be a relatively inexpensive way to increase its value. The cost of a full exterior paint job can range from a few thousand dollars to $2,802 on average, but you can save on professional labour costs by doing it yourself. The most durable paints range from as little as $17 a gallon to over $100, depending on the brand and composition.
To make the most of this update, consider choosing neutral colours like soft greys, whites, or beiges to appeal to a wider range of buyers. It's also important to properly prepare the surfaces before painting, by cleaning walls, patching up holes, and smoothing out rough areas to ensure a flawless finish.
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Peeling or chipped paint could hurt your home's value
Peeling or chipped paint can be detrimental to the value of your home. Paint that is in poor condition can negatively impact the evaluation of your home during an appraisal. Appraisers are trained to look for signs of structural damage, and peeling or chipped paint can be a red flag, indicating potential underlying issues.
Firstly, chipping or peeling paint can be a sign of poor adhesion. This occurs when the surface is not properly prepared before painting. Proper preparation includes sanding, cleaning, and priming the surface to create a smooth base for the paint to adhere to. If the surface is damp or has not been cleaned and primed, the paint may not stick well, leading to peeling or chipping.
Secondly, moisture infiltration can cause paint to chip or peel. Moisture can get into the paint film, causing it to expand and contract with temperature changes, resulting in the paint peeling away from the surface. This is often an issue in humid rooms, such as bathrooms, or due to leaks or water damage.
Additionally, paint that is old or exposed to the elements, such as UV rays and weather conditions, can become brittle and more prone to chipping. Chipping paint can also expose the underlying surface to further damage from water, sun, and insects.
Chipping or peeling paint can affect not only the aesthetics of your home but also its functionality and safety. Older homes, particularly those built before 1978, may have lead-based paint, which can be hazardous to health. Lead-based paint, when it peels, can be easily ingested or inhaled, leading to serious health issues. As a result, homes with chipping or peeling paint may not meet health and safety standards, impacting their value and potentially causing issues with mortgage lenders.
To maintain the value of your home, it is essential to address chipping or peeling paint. Proper surface preparation, using high-quality paint, and regular maintenance can help prevent and rectify this issue, ensuring your home maintains its curb appeal and value.
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Choose neutral colours to appeal to a wider audience
When preparing for an appraisal, it is important to focus on the right improvements to ensure you maximise your return when it’s time to sell. A new paint job is one of the easiest and most cost-effective ways to boost your home’s appraisal. A well-painted home looks cleaner, more modern, and well-maintained, all of which contribute to a higher appraised value.
Choosing neutral colours is a great way to appeal to a wider audience. Neutrals don’t impose your personal style, so they invite prospective buyers to see their future in your home. Neutral colours also jumpstart the imagination and inspiration of your potential buyer, allowing them to imagine the home with their furniture and style. Top agents surveyed agreed that neutral colour schemes are the most popular with buyers.
When selecting a neutral colour, opt for timeless, buyer-friendly shades like soft greys, whites, or beiges. These colours are versatile and appeal to a broad range of buyers, suiting a wide range of interior design palettes and styles. For example, Gauntlet Gray by Sherwin-Williams is a neutral tone that will most likely appeal to more buyers. Be sure to match the undertone in the grey to your countertops and cabinets for the best results.
If you’re not ready to commit to a saturated hue, a more neutral, mid-tone brown is one of the most popular shades for a bathroom. Zillow’s analysis found that prospective buyers would pay $681 more for a house with a bathroom painted in this colour.
Keep in mind that not all neutrals are the same. For example, the farmhouse grey look is a dying, overused trend. Instead, soft earth hues can add some vibrancy to your home’s interior while still being easy to paint over.
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Prep the surface and use quality paint and tools for a flawless finish
A well-executed paint job can increase the perceived value of your home and positively impact the appraisal. To achieve a flawless finish, it is essential to prep the surface properly and use quality paint and tools.
Start by cleaning the walls and ensuring they are free of any dirt, grease, soap residue, or oil buildup. This step is crucial as it ensures that the paint adheres uniformly and prevents contaminants from bleeding through the paint, causing discolouration. If there is existing paint, determine whether it is oil-based or latex by testing with a cotton swab and alcohol. If the paint comes off, it is latex, otherwise, it is oil-based. For oil-based paint, sanding is necessary before applying a new coat of paint.
The next step is to repair any damage to the walls. Fill in any nail holes, joints, cracks, or imperfections with patching paste or spackling compound. Sand the patched areas until smooth, and remove the sanding dust with a tack cloth or vacuum. If there is old wallpaper, remove it using a chemical remover or a steamer, then wash off the remaining adhesive.
Once the surface is clean and smooth, it is time to prime. Primer enhances paint adhesion, improves uniformity, and increases the durability of the paint job. Apply a single coat of primer with a roller, following the manufacturer's directions, and allow it to dry thoroughly. For previously painted surfaces, particularly those with strong underlying colours, a primer can help cover up the old colour and create a uniform base. However, not all surfaces require a primer, as some modern paints are designed to adhere well without it.
Finally, select high-quality paint and brushes for your project. Investing in quality paint will create a polished look and help the paint last longer. Choose neutral colours like soft greys, whites, or beiges to appeal to a wider range of buyers. By properly prepping the surface and using quality paint and tools, you can achieve a flawless finish that will positively impact your home appraisal.
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A fresh coat of paint can hide underlying issues
A fresh coat of paint can be a cost-effective way to boost the value of your home before an appraisal. A well-painted home looks cleaner, more modern, and well-maintained, all of which can contribute to a higher appraised value. However, it is important to remember that a fresh coat of paint can sometimes hide underlying issues, which, if left unaddressed, could negatively impact your home's value and cause problems for potential buyers.
One of the main issues that a new paint job can conceal is structural damage. Home appraisers are trained to look for telltale signs of structural issues, such as cracks in the walls or flooring. If these cracks are simply painted over without being properly repaired, the underlying problem will remain, and the paint may even begin to crack and peel again. This could be a red flag to potential buyers, indicating that the home may have structural issues or has not been properly maintained.
Moisture damage is another issue that a fresh coat of paint can hide. Over time, moisture can weaken the bond between the paint and the surface beneath it, causing the paint to crack, peel, or bubble. If not addressed, the exposed material underneath the paint will become susceptible to rot, mold, and pest infestations. A new paint job may temporarily hide these issues, but without proper repair and treatment, the problems will persist and could lead to costly repairs for the new homeowner.
Additionally, a fresh coat of paint may conceal issues with the home's systems, such as plumbing, heating, cooling, and electrical systems. While a paint job can make these features look newer and more modern, it is important to ensure that they are also functional and up-to-date. Appraisers will consider the condition and functionality of these systems when determining the home's value, as outdated or broken systems can decrease the home's value and impact financing options for potential buyers.
In conclusion, while a fresh coat of paint can enhance the appearance of your home and potentially increase its appraised value, it is important to address any underlying issues first. Proper maintenance, repairs, and updates should always take precedence over cosmetic improvements to ensure the home's safety, functionality, and long-term value.
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Frequently asked questions
A fresh coat of paint can increase the perceived value of your home and leave appraisers and buyers with a positive impression. If the paint is peeling, chipped, or faded, it may lower the value of your home. However, appraisers generally do not consider the colour of the paint, only its condition.
Choose neutral colours such as soft greys, whites, or beiges to appeal to a wider audience. Prep the surface by cleaning walls, patching up holes, and smoothing out rough areas to ensure a flawless finish. Use quality paint and tools to create a polished look and make the paint last longer.
The cost of paint can range from as little as $17 per gallon to over $100, depending on the brand and composition. The total cost of painting your house will depend on factors such as the height of your house, any special architectural features, and the slope of the ground it is built on.
