5 Tips for Putting Your Tax Refund Back Into Your Home

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The average refund in 2015 was about $2,800. A substantial amount to reinvest and add value to your home.

April 18th is just around the corner. There are a few people who await this day with trepidation and consternation. However, a majority of homeowners greet this day with gleeful anticipation. Where you fall on the spectrum depends on one simple question…

Are you getting a tax refund this year?

The average refund in 2015 was about $2,800. A substantial amount to reinvest and add value to your home.

Whether you’re expecting a few hundred dollars back or a few thousand, put some of it to work with these suggestions. You will be surprised how much value you can add to your home over the years.

 debt1. Pay down debts

-Home prices are still creeping up and interest rates still remarkably low. Did you take out a home equity loan to fund a remodeling project or two?  Why not apply your tax refund toward this loan or pay down other debts?

2. Freshen up your space

-Want to add a backsplash to your kitchen, paint a room, clean up the yard, replace your bathroom sink, or repair a leaky faucet? Now is the perfect time. Your refund will likely cover these types of small projects — and more.

beautiful-backsplash-designs-for-kitchenNew flooring can be very expensive in a home. But for $3,000 you could update part of your home. You could put tile in your kitchen instead of linoleum. You could get rid of old carpet and install hardwoods or laminate if it strikes your fancy. Updated, newer, and refinished flooring increases the value of a home.

-Painting the exterior of a house is one of the simplest ways to improve the look of a house. New paint will boost the curb appeal by giving it a fresh design with a new color or revitalizing a dilapidated paint job. The average cost of painting the exterior of a house is $2,500 according to HomeAdvisor.com.

3.Boost your energy efficiency

-Storm doors are just a few hundred dollars, and can be a great investment if you have an older front door.thumbnail

-For $3,000 you could update two or three kitchen appliances to help raise the value of your home. Buyers prefer updated kitchens and that often includes stainless steel or newer appliances.

-Purchasing a low-flow showerhead or installing a programmable thermostat are other affordable options.

 

Firepit_patio4. Create an Outdoor Space

For $3,000, you could create a nice patio area outside, including a fire pit and new patio furniture. If you’re DIY inclined you could also build a deck outside to enjoy summer barbecues.   Many buyers see great value in outdoor space and consider it an extension of the living area.

 

5. Update the structure of your house

-Installing a new garage door can increase the value of the house, improve curbside appeal and decrease energy costs. Installing a new garage door yields about 84% in resale value custom-wood-garage-door-40according to Remodeling Magazine. HomeAdvisor.com says the average cost to install a new garage door is $1,062.

-Investing in new insulation can decrease the amount homeowners spend on energy costs. On average, 50-70 percent of a homeowner’s energy bill is spent on heating and air conditioning costs, according to the Department of Energy. Homeadvisor.com says the average cost of installing insulation is $1,357.

It might be fun to use your tax return to go on a nice trip or treat yourself to a new big screen television. But you could make your money work for you by reinvesting it in your home. So, this year, use that tax return wisely. After all, a little can go a long way when it comes to your home.


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