Boost your real estate profits with the right color palette
Wearing the right color can make your eyes brighter, seeing a certain color and affect your mood, and painting your next flip, rehab project, or buy-and-hold property the right color can add value. Yes, color is powerful enough to affect your pocketbook! But, it’s choosing the right color in the right place that is key to higher profits for investors. You want to make sure the value of your property goes in the right direction!
Did you know that the right paint color can increase your property’s value by thousands of dollars? While it might seem safe and easy to stick with neutrals and light colors on the walls of your investment properties, if you’re looking to sell, most potential homebuyers still want color. In fact, a paint color analysis from Zillow in 2018 found that homes with white walls dropped in price by $4,000.
Another area of the home for potential value-add is two-toned kitchen cabinets. If the lower cabinets are a bold color such as black or navy, you can see a price increase of approximately $1,500. Also, Zillow’s analysis found homes with front doors that are a shade of black can increase a home’s value by more than $6,000.
Think Realty Supplier, Sherwin-Williams, has been committed to supporting homeowners and real estate professionals with paint, flooring, and design expertise for more than 150 years. The company provides customers with resources to confidently choose colors, like their annual Colormix® Forecast and Color of the Year.
As we say goodbye to 2020, we don’t necessarily need to stop using the 2020 Color of the Year, Naval, a bold navy blue that has quickly become a “new neutral” according to Sue Wadden, Director of Color Marketing at Sherwin-Williams.
Each year, the Sherwin-Williams Global Forecast Team works to identify and research key trends that influence how people interact with color.
The 2021 Color of the Year — Urbane Bronze
“The use of color in interior design is changing—it’s not just about what a space looks like anymore, but the feelings a space can evoke. This year is causing us to pause and be mindful of how we are living,” Wadden said. “So, we gravitated towards Urbane Bronze SW 7048 for its ability to create a sense of calm while making us feel safe and secure.”
Wadden further explained that the “stay at home” directive in 2020 has influenced where we go and what we do, but it will also influence interior design trends for 2021 and beyond. The color is part of the Sanctuary palette in Sherwin-Williams 2021 Colormix® Forecast, which predicts a need for balance in design for the year ahead. The new decade ushered in a return to rich, bold colors, stepping away from the cool neutrals of the 2010s in an effort to bring more personality into design.
“Urbane Bronze is a comforting color, drawing from nature for a feeling of relaxation and serenity,” explained Wadden. “There’s also reassurance in its sentimentality, with nostalgic ties to the design of the ‘70s and ‘90s, but with gray undertones that give it a distinctly modern twist.”
Bold and understated at the same time, Urbane Bronze is the new neutral that can be used anywhere in the home — inside or out — from the kitchen island to the front door. Whether used as a primary or accent color, Urbane Bronze has an anchoring quality that conveys a sense of comfort and sanctuary in bedrooms, living rooms and dens, or calm concentration in home offices.
“Now more than ever, people are living and working in the same place and are using paint and color to create a calming environment. We are seeing homeowners use color to differentiate workspaces from living spaces by creating a place of respite from everything else they have going on at home. We were noticing a shift towards warmer colors before the start of this year, and now with everyone spending so much time at home, we expect this trend to continue,” Wadden said.
She recommends complementing the simplicity of Urbane Bronze with natural materials like wood finishes, organic stone accents, woven textiles, or mixed metals “to create a serene space grounded in nature.”
For an updated take on minimalism, pair Urbane Bronze with other warm neutrals, including elegant bone whites like Modern Gray SW 7632. To bring in more color and a hint of the bold pairings of the 1970s, add a modern green like Messenger Bag SW 7740. A monochromatic look with Urbane Bronze on all four walls and trim creates a soothing site for working from home.
The Right Paint Color and Quality Lowers Costs Long Term
In its long company history, the Sherwin-Williams brand has become synonymous with timelessness and durability — something housing providers and real estate investors value because high quality makes less work and cost in the long run.
“Sherwin-Williams has perfected paint qualities such as washability, paint-and-primer-in-one solutions, and technologies that help reduce odors and moisture to provide maximum durability,” Wadden said.
These features help make the painting process easier for professionals like contractors, property owners, and housing providers.
“Homeowners want to create calm spaces and color is an easy and effective way for real estate investors to achieve this feeling in the home,” Wadden said.
Explore the Color of the Year with the ColorSnap® Visualizer app, a tool designed to help consumers and professionals make confident and smart paint color selections. Download the app to try out Sherwin-Williams 1,700 hues in your own space in real time with the app’s Instant Paint augmented reality tool. Plus, sampling colors is now more convenient than ever with free color chip ordering and delivery at swcolorchips.com.
If you haven’t played with color before in any of your properties or projects, now is the time! Choosing the right hue will attract the right tenants and buyers while adding value to your investment.