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Print PageNew research from Privilege Home Insurance reveals that the average home is devalued by £1,392 through poor colour schemes!
A third of estate agents would take at least £1,000 off the value of a home if it has an unfavourable interior colour scheme, whilst one in ten would deduct more than £3,000 from the valuation.
The best colour to paint the interior of a home to optimise its sale value is of course boring magnolia. However, only 37 per cent of us have magnolia as the primary colour in our homes. (Actually, Sq Ft is pleased to learn that!)
However, 750,000 sellers are putting their properties on the market with a potentially costly colour scheme. A red or orange interior is the biggest turn off say estate agents. (Yet it's a faux pas committed by nearly one million property owners.)
DIY bodgers out of pocket
The research also reveals that over half (53 per cent) of homeowners have undertaken DIY to increase the value of their home.
However, a fifth of homeowners have ended up out of pocket through DIY blunders, with three per cent actually decreasing the value of their homes following bodged repairs.
One estate agent questioned by Privilege Insurance witnessed a devaluing DIY blunder: "One couple had converted their bathroom into another bedroom and then changed one of the fitted wardrobes into a bathroom. In theory it was going to give more space, but it gave a very cramped atmosphere to the property and ended up staying on the market for three months longer than it should have done and it didn't even reach asking price."
James Gore, spokesperson for Privilege Insurance, explains: "To help people choose the right colour for their home, Privilege has launched colour mood charts - available online at www.privilege.com - to help homeowners identify how different colours can affect people's moods."
We wonder if they've done a survey on how expensive insurance policies can affect people's moods?
