Repainting your home is one of those projects that can cause some hemming and hawing: on the one hand, new paint will make the exterior or interior of your home stand out and may increase the selling price. On the other hand, because it is a small project and the prospective buyers may have their own plans for wall colors, it may appear to be a waste of time or money.
So, what should tip the scales in your case? Based on the insights of real estate agents across the country, here are some ways to consider your circumstances and decide whether repainting is worthwhile.
Consider Local Housing Stock
A big way to make your decision is whether your home is competing against homes with nicer, newer paint than yours or if most of the other homes for sale also have a similar level of wear on the paint. If a buyer is looking at three or four comparable properties in similar price ranges but only one of them (yours) hasn’t had a new coat of paint, you may really lose out. However, if your paint still looks good and is better than all the other homes for sale nearby, adding new paint to an already-better-than-average wall may not give you much of a boost when it comes time to sell. This will come in handy if you want to compete in the San Antonio housing market.
Consider Your Options and Costs
If your home is competing against homes with nicer, newer paint than yours, or if the majority of the other homes for sale have a similar level of wear on the paint, this will play a big role in your decision. If a buyer is considering three or four comparable properties in similar price ranges, but only one of them (yours) hasn’t had a fresh coat of paint, you could lose out big time. However, if your paint still looks good and is better than all the other homes for sale nearby, adding new paint to an already-better-than-average wall may not give you much of a boost when it comes time to sell.
Gather Data on Past Home Sales With and Without New Paint
Examine some recent sales in your area using real estate tools that your top real estate agent can assist you in navigating. Did these houses have new paint or paint that is as good as or better than yours? If you see a home that you’re surprised sold for as much as it did, look for new paint – it could have helped them get a higher offer.
The Bigger the Difference In Looks, The Bigger the Value
How bad the paint looks right now is an important aspect of your painting choice. Many times, older paint hasn’t really chipped and doesn’t look bad at all, making the distinction between old and new paint quite small. However, if your exterior paint, for example, has suffered significant damage from dirt, moss, or weather and is clearly in need of a paint job, the boost from new paint will be significantly greater. Obviously, there is a scale of wear and tear, but assume that the more severe the damage to your home’s paint, the more likely you will see positive value growth from repainting.