Can a Neutral Color Palette Add Value to Your Home?
Posted By: Tony Published: 09/10/2019 Times Read: 579 Comments: 0
Although summer may be slowing down, the real estate market might not be. During 2018, 5.34 million existing homes (rather than new builds) were sold in the United States. Right now, it’s certainly a seller’s market -- but you’ll still need to do everything you can to make your home stand out. Every year, 35.5 million Americans move to new homes, but you might have a tough time selling yours if you ignore what buyers want.
While there certainly are those who want a home with character, most sellers will make changes in their interior design in order to appeal to the tastes of the majority. That may mean taking on some minor renovations or painting a few of the rooms in your house. Given the growing prevalence of residential property improvements, the house painting and decorating industry is expected to bring in revenues of $17 billion in 2019. That said, you don’t have to spend a fortune redecorating your property; sometimes, all it needs is some new paint.
In fact, your home’s paint can have a more significant effect than you might think. HomeAdvisor estimates that having a fresh coat of paint can add 1% to 3% to a home’s final sale price, often translating to several thousand dollars more for sellers. But the paint color you choose matters a lot. While you may love a bold hue, it’s typically the muted colors that (literally) pay off in the end.
Your real estate agent might advise that you opt for neutrals in your decorating. Neutral paint colors are defined as colors that are lacking in saturation. While hues that don’t compete with other colors are sometimes referred to as neutrals, the most basic neutral paint colors are white, black, beige, brown, gray, and tan. Although they may not be seen as exciting or adventurous, they’re the safest bets that will allow buyers to easily envision living in your home. They may not end up staying on the walls once the buyer moves in, but they’re generally seen as an inoffensive element that can later let a homeowner put their own spin on a space.
In some rooms, like a bathroom or kitchen, colors like blue or yellow can actually be a better choice. However, the main living space is the perfect place to use neutral paints. According to a Zillow survey, living rooms with light gray or dove colored paint sold for approximately $1,104 more. Real estate company Clever estimates that using beige or gray-brown hues in the living room can boost the home’s sale price by $2,000 on average. Neutrals are ideal for home exteriors and front doors, as well.
Not only can choosing the right paint colors add resale value, but this can also speed up the sale of your home. Making home improvements, removing personal touches, and amping up your curb appeal -- all of which can be accomplished by picking neutral tones -- can all facilitate a faster closing. While you can’t always predict who will walk through the door, prioritizing a neutral color palette will make sure buyers don’t have an excuse to miss out on your listing or to think too long about whether your property is right for them.