A third of Brits are willing to pay up to 25% more for a property that has freshly painted doors, walls and window frames, according to new research by Dulux Weathershield. With the average home in the UK costing £220,094, this means savvy homeowners stand to make an impressive £55,024 return when selling their property. In London, this increases to a staggering £117,966. Classic white tops the list of favourite paint colours, closely followed by blue, yellow and green.
It all comes down to Kerb Appeal
According to property expert, Kate Faulkner, paying more for fresh exteriors comes down to something called the ‘Kerb Appeal phenomenon’. “In recent years, we have seen homebuyers and renters move from unconsciously to consciously judging the appearance of home exteriors,” she says. “It is therefore becoming increasingly important to refine aesthetics to secure viewings.”
However, despite the fact that 93% of the nation admitted they were more likely to attend a viewing if the house’s exterior was well maintained, the research also found that the average Brit has not refreshed the exterior of their house in over 8 years – while 20% have left it idle for over 15 years. Mouldy walls, peeling paintwork and an overgrown garden are among the top turn-offs for buyers.
Exteriors are everything
So why is kerb appeal so important? For a start, today’s buyers conduct much more research about a property than they have done in the past before deciding whether to attend a viewing. People are less inclined to take on a property which requires renovation, and want to move into somewhere that has been well cared for and will not need extensive work. The exterior appeal is therefore just as essential as the interior appeal to show that a property is in good condition.