Things are about to get very interesting in this make it or break it Real-estate environment for 2018! There are countless assertions that the GTA spring market is going to be quite a tug of war in pricing between buyers and sellers. In fact I could probably fill a dumpster with opposing ideologies written on the the topic in the last week alone. Well if i may so bold as to offer a suggestion. Whether any of this turns out to be fact, or newspapers just trying to write dramatic stories to sell more newspapers, we won't know till it all unfolds. But until the GTA market rebalances, any competitive edge in a fierce market is a huge advantage. In that spirit, there's nothing more visually game changing and economical than a fresh coat of paint. If your home is going to be a resale and hasn't been upgraded or the 'look refreshed' in years it's going to be overlooked in a competitive market.
So until this market chooses a path or direction, give yourself the best positioning to sell fast and for top dollar. Experts agree that a clean interior paint job can improve the value up to 7%. So lets take 800k home for example and apply that principle. 800k times 7% = $56,000 of potential value. Assuming an 800k home in GTA it's probably 2000 sq-ft in Burlington, and 1000 sq-ft in Toronto. So as a guesstimate lets say for arguments sake that 7k in Burlington, and 7k in Toronto for the actual paintwork. That's over 700% return on your money. Hows your RRSP, TFSA, ETF accounts doing? As of lately there probably returning 10% for all major indexes. If painting was a traded investment, everybody would be jumping on-board. Hedge Fund managers touting the new 'Home painting indexes'
Indulge me I was just having a little fun, but you get the point. It's a no-brainer investment. I would argue 'the best bang for your buck' in all home improvement categories. One thing to keep in mind, not all colours are created equally. According to a recent article in marketplace.com, taken from Zillow.com which surveyed 32,000 recent home sales, shades of blue had the highest ROI. Neutral colours came in a close second. Some shades of brown actually had a negative effect on value for re-sale.