Adding Paint To A House..what's The Deal?
I know paint can improve curb appeal for a prospective buyer, but does anyone know if it sways appraisers any? Looking to improve the value of one of my homes to get a heloc and I'm paying $3000 to get it painted. But I want to know if its worth it. The paint on the home is and LOOKS old. Thanks for the info.
Any takers?
If the home is in obvious need of new paint the appraiser will probably reflect this by giving it a higher effective age. Most appraisers make age adjustments in 5 year increments and for $500 to$1000 per year (depending on the total value of the home). (ex. if you compare two thirty year old homes that are identical but one appears older the appraiser could say that the older looking home is effectively 25 years old while the younger looking home is effectively 20 years old). In the comparison approach, if the older home were the subject (your home in this case), the appraiser would likely subtract either $2500 or $5000 off of the comparisons sales price for age. Effective age also plays a part in the amount of depreciation that the appraiser takes off in the cost approach...
In my opinion the bottom line is that if the home looks good besides needing paint, it is definately worth the money. If there are a lot of additional problems, old roof, floor coverings, leaks, etc. painting the home isn't going to solve all of your problems.
How does your home compare to others in the subdivision? If your paint job looks worse than average, it would be beneficial to have it painted.
Call a local appraiser and tell them your story... if you call 3 i guarantee one of them will take two minutes to talk with you about this.
-Eddie
That is exactly the breakdown I needed. Thank you. Paint is the only thing that's keeping the home from looking spectacular. I bought the home $10000 below market value and am hoping that sprucing it up with a paint job can bring it up to par.