Improve Your Home With These Tax Refund Strategies
Filing your taxes may be an annoying ordeal. Thankfully, the more you do it, the easier it becomes. The frustration that comes with filling out forms and making sure you haven’t made a mistake is compensated by the tax refund. Did you know that the average amount of tax refund that each American gets every year is about $3,100? This is a substantial amount of money, which you can make a good investment with.
Some people put this money into their bank accounts. Others pay off debts. If you don’t have any immediate needs to use the money for, it makes sense to make an investment in your own home. By spending money on your property, you are not just making it more comfortable to live in, you are increasing its value. Below are a few smart way to use your tax refund on your home
Exterior Paint Job
If the time has come to repaint your house, you are probably putting it off. This job will cost about $2,000 – $3,500, which is why it’s often overlooked. Your tax refund is an ideal opportunity to freshen up the paint. It won’t take long. Meanwhile, such a touch-up will automatically improve the curb appeal.
A fresh coat of paint protects your house from the elements as well as wear and tear. The house should be repainted every 5 years or so in order to keep it in an excellent condition.
Energy Efficient Windows
Such windows are usually expensive. That’s why people tend to overlook this option. However, these windows do wonders for saving money on your energy bills. They keep the warmth inside during the winter and contain the cool air during the summer. Energy efficient homes are very popular nowadays. People are ready to pay more money for such a house.
Improved Landscaping
Landscaping is the first thing a potential buyer sees when he comes to look at the house. It can increase the value of your home. If you are not planning to sell the house any time soon, you can invest in landscaping to make the territory more appealing and useful to you as an owner. Flowerbeds, potted plants, stone paths, lush lawn, etc. can make you feel much better about your property.
Secure Front Door
An old wooden front door doesn’t just make your home less energy efficient, it compromises your security. Not too many people bother replacing the old door, which they acquired with the house. Meanwhile, purchasing a sturdy steel door can improve the aesthetic appearance and protect your home from intruders.
Pay The Mortgage
Paying off your mortgage is a smart way to invest the cash you get from the government. If you keep investing tax refund money into your mortgage, you can take many years off it. This allows you to become a debt-free person and use the money for personal needs in the future.
Cosmetic Repairs
If you are thinking about selling your home, you need to think of making smart cosmetic repairs. The $3100 you invest in the house today can boost its value by $10,000. Consider applying a fresh coat of interior paint, changing, fixtures, and repairing your patio. You can also invest in decorative elements, such as new throw rugs and pillows, in order to make the home look more appealing in the photos.
Spending money on your home is always a good investment. The benefit of a tax refund is getting a large sum of money at once. Don’t let it slip through your hands not add value to you.