Paint Your Way to a Higher Home Appraisal

A girl house painting to increase valuation by Aura Appraisals Edmonton

Hands On Home Improvement!

Unless it is a brand new home, every house has its issues which may detract from the valuation amount. Unfortunately, renovations often cost a lot of money which not everyone has readily available. Luckily, for a few cans of paint and some good old-fashioned “sweat equity”, giving your residence a new look with interior and exterior paint is both inexpensive and extremely effective.

Fresh Paint Sends a Message

A new coat of paint tells prospective purchasers the owners took care of the property and encourages the impression little maintenance may be required. Instilling confidence in the integrity of the “bones” of the house is essential to maximize both a house’s worth in the buyers’ mind, and the value in an appraiser’s legal opinion. (For a more in-depth look at the difference between “Worth” and “Value”, check out this exclusive Aura Appraisals Inc. blog.)

One Less Thing To Worry About

It may be quite off-putting for potential, possibly skittish, home buyers to feel they must repaint before they can move in. Doing this important job for them removes a reason not to buy. This may be because fresh paint sub-consciously chases away the “ghosts” of the previous inhabitants, which is why most landlords paint rental units prior to new tenants moving in. If the need for new paint is obvious, expect offers to be affected.

First Impressions Matter

When home shoppers have their first glimpse of your house, will it be love at first sight or raise red flags in their mind? Whether positive or negative that first impression will colour how the rest of the house is received upon further inspection. Luckily, new paint is an effective way to enhance that all-important first impression. (PRO TIP: Speaking of colour, save the wild and wacky ones for your new house. When selling, according to the mortgage experts at This Old House,  it’s best to make like the Swiss and keep neutral.)

The Best Return for the Fewest Renovation Dollars?

Though labour intensive and somewhat tedious, a new paint job will attract much higher offers than many other pricier renovation options. The trick, says HGTV icon, Scott McGillvary, is to target the areas which will have the most impact. This includes interior walls, trim and any kitchen cupboards which appear dated.

The Final Coat

Although paint is essential for getting the best valuation possible for your house, it is just one of a panorama of renovation options which can add value to your home. Here is a handy renovation guide showing some of these options, as well as ballpark costs and estimated returns on the money spent. Of these choices, it must be underlined the only renovation project that is likely to add more value than any other, compared to cost, is a simple coat of paint.

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