4 in 10 people offer less for a house they like based on the color scheme. 1 in 5 even reject because of the colors.
Colors are incredibly powerful. A paint job can completely transform your home in its look and value. Zillow estimated that the right color can add up to $5000 to your apartment.
In other words, the colors of your walls go a long way in deciding the value of your home. If you’re planning to sell an apartment, you do not want to lose a fortune because of your color scheme.
But why does this happen?
It’s simple to change the paint but people have issues with picturing new colors. Property expert Tayo Oguntonade, says, "In some cases, it can be difficult to visualize what a room will look like in a different color.” This in turn affects the potential value of the property.
Colors are subjective. Certain colors put off potential buyers and devalue your home. Your color scheme may be fashionable, but it might not be universally accepted. To get the true value of your home, or more, the idea is to look at the bigger picture. To guide your way through, experts have pointed out particular colors that drop your home’s value.
Colors to AVOID when selling your home:
Bright Blue won’t do.
Your buyers need to be able to envision their life in your place. Bright, flashy colors like electric blue do not help. While it does give your home a unique and friendly look, it’s unlikely to click with your prospects. The buyer will just be adding the cost of a repaint at the back of their head.
Warm Red is dead.
Off-beat colors look different, but different doesn’t sell in homes. Let your buyers do the customization. Red or even orange presents a need for a taxing changing process, putting off prospects.
Yellow is a controversial color. It’s based on personal preference. The striking bright tone can immediately tell your buyer that it’s just not for them.
Pink is not it.
If you’re highlighting walls with pink, it works fine. Pink as a color scheme narrows down your prospect market and strips the value of your home. Consider a repaint to a muter and neutral color.
Solid Black is not back.
Black is a strong move. Some buyers will fall in love and other buyers will avoid it. Either way, it’s not a risk worth taking. Dark colors like black also make your home looks smaller than it is. Black walls dim the lights and give an illusion of a compact space. This drives down the property’s value.
Don’t lean on citrus Green.
We’re not talking about the sage and bottle green tones here. Those tones look gorgeous as a feature wall if it fits your theme of the home. Bright, lemon green aches the eye. This color is likely to clash with your furniture and even your buyers’ interest. It’s best to avoid the paint to preserve your home’s value.
Colors that WILL sell your home:
Moveable CEO Simon Bath, mentioned how a suitable color scheme can add up to 4% to your home’s value. He emphasized how important it is to give buyers the room to visualize their lives in the home when he said, "Neutral tones can make buyers think of how they will fit into the home.”
Experts in the real estate field have consistently agreed on the value that the muted white, cream, or magnolia tones add. These neutral colors give your buyer the option to play with them. Darker, stronger colors just strip the opportunity of customization.
First impressions are equally important to your buyers and this is described entirely by your home’s exterior and front door. The recommendation here is to opt for a tone that isn’t strikingly different and complements the overall muted color scheme.
All this being said, the entire style, layout, and look of your home are important in giving you a good, valuable number. Your paint and color scheme majorly influences the value that the rest of your home adds up to.