In an economic downturn, it's harder to decide what investments will be the
wisest. You may be putting off having your home painted till things seem more
settled. In fact, painting can be your best investment.
With the housing market where it is, selling your house may not be a wise move.
You'll get less for it, it will take longer to sell, and finding financing for a
new place may be more difficult.
Yet you may not feel ready to undertake renovations to make your house more
perfect for you to live in.
Painting your house is the fastest and least expensive way to update your home
and make it a more enjoyable space for living. A fresh coat of paint makes your
house look new and well-cared for, and a new color scheme updates the whole look
of the house.
If you're determined to sell, painting is still the most cost-effective choice
for renovation.
When you paint your home, you can expect to get a return of up to 100% of the
expense when you resell the house. Replacing a roof or heating system will only
get you 80% of your investment back, while adding a deck can bring in 25-75% of
the outlay, and adding a swimming pool can actually decrease the sale price of
your home.
The difference doesn't depend on the size of your investment, either. Home
buyers tend to respond best to kitchen upgrades; a professional repainting and
refinishing in the kitchen will bring in as much of a return as buying new
appliances or doing a structural remodel.
So in an uncertain market, when you may be uncertain whether to sell or not, or
your house may stay on the market for longer than you expected, painting is a
wise investment. |
