A fresh coat of paint will help a house get sold, but choosing the right color can make sellers thousands of dollars richer.
Pantone released its 2018 color of the year this month: Ultra Violet, a warm shade of purple. Some homeowners have reason to celebrate feeling “blue.”
Homes with blue bathrooms — specifically light shades like powder blue or periwinkle — fetched $5,400 more than expected when sold, according to a paint color analysis from real estate website Zillow. The analysis looked at more than 32,000 sold homes, comparing the sales prices of ones painted certain color versus similar properties that had white walls.
Blue paint isn’t just effective at boosting a home’s selling price when used in a bathroom though. Dining rooms painted in darker blue hues will cause a house sell for $1,926 more than anticipated on average, while homes with light blue kitchens and blue bedrooms will garner a price that is $1,809 higher than expected.
Other colors that increased home prices included grays and beiges. “Painting walls in fresh, natural-looking colors, particularly in shades of blue and pale gray not only make a home feel larger, but also are neutral enough to help future buyers envision themselves living in the space,” said Zillow chief economist Svenja Gudell in the report.
But not all paint colors have this positive effect on sales prices. For instance, a brick red dining room will slash a home’s price down by more than $2,000 versus what was expected. Other ill-advised paint choices — at least where a home’s value is concerned — included yellow, pink and brown.
Where a paint color is used is also important. While blues may wow in kitchens and bathrooms, when used in a living room it decreased home prices by $820 on average.
Those poor color choices all pale in comparison to leaving a bathroom’s walls white though. That decision can reduce a home’s sales price by more than $4,000, showing how a fresh coat of paint can work wonders when it comes to get a home to sell more quickly (and for a higher price.)
These negative reactions to certain colors (or different uses of the same colors) is a reflection of people’s taste and the way specific colors may clash with the furniture and other items prospective buyers already own. Experts recommend choosing colors with mass appeal that can work with a range of décor. It also depends on the specific property — white walls can work in a room with lots of natural light, but will make the space feel “dead” if it’s small or dark, according to designer Emily Henderson.
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//By Jacob Passy-Market Watch