An easy way to increase the value of your homes
Despite a relative lull in builder confidence, builders are in a decent position overall. Demand is high. More buyers are considering new construction than ever before. And market conditions mean there’s good money to be had. Today, let’s look at one of the easiest ways for you to make your homes more valuable to buyers.
Specific paint colors can increase value by nearly $4,700
A recent Zillow study asked prospective home buyers what would make them more likely to tour and purchase a home, based on paint colors. The study found that there’s a paint combination that makes buyers willing to pay $4,698 more than a typical home price.
Pale blue bathrooms may increase a home’s value to buyers by $4,698.
Further, surveyed buyers favored darker paint colors in their bedrooms. The study found that buyers would pay nearly $1,500 more when seeing a bedroom with darker colors, such as dark blue, charcoal gray, and forest green.
Another thing to consider is that many buyers like the idea of an unexpected color. For example, the survey showed that 70% of buyers wanted to learn more about a home with a burgundy bedroom. However, there’s no indication that such a room will increase a buyer’s likelihood of paying more.
Finally, buyers still like to play it safe in common rooms, like the kitchen and front room. Soft whites and grays are still a go-to in this regard.
Paint colors to avoid
On the other hand, there are three paint colors you should definitely avoid right now.
The first two are fire-hydrant red and sunshine yellow. (Ironically, sunshine yellow, also known as Illuminating, was Pantone’s 2021 Color of the Year.) Buyers despised these colors.
The last is mint green in the kitchen. While greens are generally popular paint colors, mint green in the kitchen is a big exception. In fact, surveyed buyers said that a mint green kitchen would encourage them to offer more than $1,800 less than a home without mint green in the kitchen.
Structural warranty: Another way to give buyers what they want
It may seem strange that something as easy and (relatively) inexpensive as a certain coat of paint would encourage buyers to consider paying thousands more for a house. However, it’s a chance to for builders to both provide what buyers want and increase the value of their homes to buyers. That’s a win-win.
Another win-win is when you cover your homes with a structural warranty from 2-10 Home Buyers Warranty (2-10 HBW).
First, 4 out of 5 home buyers value an insurance-backed, third-party structural warranty, according to a joint survey by the NAHB and 2-10 HBW. Second, 94% of prospective buyers said they’d be more likely to buy a new home from a builder that provided a structural warranty.
So, right off the bat, providing 2-10 HBW’s industry-leading structural warranty speaks directly to the wants of your buyers. But it can also help you, too.
The average structural defect can cost between $42,000 and $113,000 to address. With coverage from 2-10 HBW, you can transfer covered structural liabilities to us. That not only protects your budget but also allows you to move forward by controlling what’s behind you.
Learn how you can protect your business and add valuable selling points to your new builds with a 2-10 HBW structural warranty.