When a person places their home for sale, their real estate agent will typically give them a list of home improvement and decor ideas to help it sell faster. Most times, completely painting the interior and exterior is on that list. If you can’t paint the entire home, repainting the kitchen is a minimum.
The question many homeowners have is, “Does painting boost the value of my home?” As improvements go, painting your home’s interior and exterior is not the most expensive. Nonetheless, most people don’t want to spend money they don’t need to. Why make improvements if you are not getting anything out of it?
The good news is not only will painting the interior and exterior of your home increase your home’s sale price, it could pay for itself. HomeGain, a leading provider of online marketing programs that connect real estate agents and brokers, reports that, within the Minneapolis area, you can expect a return of more than $1,000 for every $625 of job cost for painting the interior, and a $1,000 return for every $450 on an exterior’s job cost.
The 2016 Cost vs. Value report by Remodel magazine discovered, “As a general rule, the simpler and lower-cost the project, the bigger its cost-value ratio.” Of the 27 remodeling projects they analyzed, four of the top five cost less than $5,000. In fact, across the markets examined, the average value returned was 64.4 percent for every dollar invested, making painting your home a big winner.
If you would like to talk more about how painting your home can boost the value of your home, or need more information, please contact us.