Living on a colourful street could add thousands of pounds to your home’s overall value, according to new research.
Findings from HomeOwners Alliance and Brewers Paint reveal that homes on brightly painted roads are worth up to 65% more than on less vibrant streets nearby.
On average, a property on a colourful street was shown to be worth 20% more than on a less colourful street.
For self builders and aspiring homeowners analysing where to live, the findings offer an intriguing insight that could help to maximise your home’s value.
(MORE: Self Build: The Complete Guide)
Paula Higgins, Chief Executive of the HomeOwners Alliance, said “While we can’t all persuade our neighbours to redecorate their exterior walls in pink, green and orange, to boost our street’s value, it is worth bearing in mind the premium you will pay for a vibrant street. As little as a few metres away from a colourful road, there could be a huge saving to be made.”
Painting the Town Red
The findings were based on up-to-date local data and Land Registry sold date, which Homeowners Alliance used to calculate the average valuation figures.
Depending on where you live, a home on a colourfully painted street could be between 2% and 65% more expensive than a home on a road where homes are decorated in white, or homes are clad in brick or pebble dash
The most striking example of this price difference was found in Norwich. A three-bedroom house on the bright Ten Bell Lane was worth 65% more than a house in the not-so vibrant Victoria Street, just a few streets away.
“In our recent Homeowner Survey, we found the most important features of a property among those buying a home included a garden or outside space, a property in a good state of repair, the availability of parking, good sized rooms, energy efficiency and good transport links,” said Higgins.
Here are some of HomeOwners Alliance’s top tips to remember when decorating the exterior of your home:
- Repaint the exterior walls of your home every 10 to 15 years
- While you will not need planning permission to paint your exterior, you will need listed building consent if you want to change the external character of a listed building
- If you are doing the painting yourself, you will need to clean, scrape and brush the walls before you start painting
- When choosing your shade, consider which direction the painted wall will be facing and work with the light