Having an investment property in Vancouver is almost always a guarantee of a good return on your money.
In order to make the most of your investment, however, you have to maximize the value of your property. How do you do that?
An easy way to add value to your investment property in Vancouver: paint
It may sound silly, but paint is actually a simple, inexpensive way to boost the value of your investment property in Vancouver. The trick is to use the paint in these five specific ways.
1. Paint the front door dark
Zillow did an analysis of over 135,000 photos and homes, discovering that a dark front door can add over $6,000 to a home’s value. This is more than any other paint colour in any other part of a house. So why is a dark front door so popular? No one is quite sure yet, but there is speculation that it has to do with the popularity of pops of colour. What we do know for sure is that painting the front door is a quick, easy and inexpensive way to jump the value of your investment property!
For the best results, go for black or charcoal grey. If you are strongly opposed to these two shades, you could also try navy blue or deep purple.
2. Create tuxedo cabinets
Tuxedo cabinets are all the rage now. But what are they?
Basically, they are cabinets where one row is a darker colour and another row is a lighter colour.
The most traditional version is having black cabinets on the bottom row and white cabinets on the top – hence the tuxedo name. As more homeowners have adopted the style, though, they have opened up the concept. Now, there are versions with various colours, as well as some with the darker shade up top and the lighter below.
Like dark front doors, tuxedo cabinets can raise your home’s value by thousands of dollars. If you opt for a lighter colour up top, tuxedo cabinets offer the added bonus of making the room look taller. Not bad for a simple paint job!
3. Go for a glossy white trim
A glossy white trim is one of the easiest ways to give your home a clean, fresh look. It creates an optical illusion, making rooms look bigger. This is why people say white trim is the perfect way to open up small spaces.
As an added bonus, the trim also bounces light, leaving rooms bright – even if they have few windows.
White trim has historically been used in elegant homes. Therefore, when you use it, you signal to potential buyers that your property is luxurious. If you do not have a focal point for a room, play up the luxury look even more by creating one.
How do you do this? Add white trim around a simple door frame to turn it into a high-end appearing focal point.
4. Paint the exterior
This is a larger investment. If you are planning to sell your investment property in Vancouver soon, though, it is worth it. The fresh coat of paint in the right shade will give your home curb appeal. Even the drabbest home will now pop. In addition, the new colour will draw attention. Pop your For Sale sign out now and people are sure to see it!
Zillow’s study has given us the best colour in terms of value: yellow. A bright, creamy yellow all the way to a flax yellow are top choices, adding over $3,000 to sale prices. These shades will also provide the ideal contrast if you are going for a dark front door.
5. Opt for cool or neutral walls
A red room may seem sexy and cool in the 50 Shades of Grey series, but in reality, wild wall colours are a big no-no for an investment property in Vancouver.
Why are they such a problem?
It is actually pretty simple – not everyone likes these colours and they draw a lot of attention, making them hard to “just live with”. Therefore, your pool of buyers is knocked down to people who share your passion for intense wall colours and folks who are willing to repaint the home. Fewer buyers means less likelihood of a purchase – and a bidding war.
For the highest value, paint the walls in your investment home cool or neutral colours. These are both popular and relatively innocuous. Homeowners who are desperate for intense wall colours will be willing to repaint.
Is there a specific cool or neutral colour to use? Blue is popular right now, especially a periwinkle shade. If you are not convinced, just look at Instagram. At the same time, the colour is timeless enough that you do not have to worry about it being a passing fad.
What paint to use in your investment property in Vancouver
Some homeowners go for the most expensive paint. Do not get caught in this trap. Expensive paint is not key to adding value to your investment property in Vancouver.
Instead of looking at the paint’s price tag, check out the colour and quality. A mid-range paint will allow you to deliver quality to your buyer without breaking the bank.
Instead of going for expensive paint, put that money into these home renovations. They will provide the best return for your investment property in Vancouver.
