If you’ve managed to come up with the unfathomable amount that it takes to buy a home in Toronto lately (or really any major city in Canada), when it eventually comes time to sell, you’ll want to do your best to get the biggest bang for your buck and make the most of your investment.
Beyond the basic cleaning and staging though, there’s one seemingly random thing that realtors are finding helps sell a house for thousands more, and it’s a super easy change to make.
According to a new analysis of potential or recent buyers, by listing site Zillow, the choice of paint colour plays a more important role than people may realize in the price people are willing to pay for a home, with buyers demonstrating affinities for certain shades in certain rooms.
A sky blue kitchen or bedroom, for example, could get a Canadian buyer some $2,600 extra for their home, while a forest green kitchen or bathroom could have them losing out on upwards of $5,500.
A sunshine yellow kitchen depreciates a home’s value by over $6,000, on average, while a cement grey in the same room can appreciate it by nearly $2,000.
The favourite by far, though, was a dark charcoal grey in virtually any room, with the colour boosting a home’s price by anywhere from $4,069 to $6,491, depending on where it is used in the house.
Zillow’s experts suggest that homeowners (and even landlords) should be strategic about their paint choices before showing a home, as it’s a relatively inexpensive change that people appear to be really responsive to, with preferences generally going to shades of grey, blue or white.
About the dark grey in particular, the firm says it is “appealing to today’s home buyers because it feels contemporary, and adds depth, drama and contrast to a space.”
Another interesting tidbit from the study was the regional differences across Canada — in Toronto, the hometown pride is apparently strong, with buyers for whatever reason willing to pay $6,499 more for a “bright jay blue living room.”