April 2018 Blog

What to Do with Your Tax Refund

If your tax refund is about to hit your bank account and you’re still trying to decide what to do with it, there are several great home improvements you can do that will improve the value of your home when the time comes to sell. You might be surprised at how much you can achieve with just a few thousand dollars.

A new coat of paint

According to the popular website, www.homeadvisor.com, it costs between $1,000 and $3,000 on average to paint the exterior of your home. The actual price will depend on things like square footage, number of stories, level of detail, and ease of access. While painting your home’s exterior is a job that most people leave to professionals, if you are handy and neat – and you don’t mind ladders – there is no reason why you can’t paint your own home and many people do tackle the task on their own.   

The resulting improvement in your home’s “curb appeal” is undeniable. You’ll love the fresh look and, if you plan to sell, keep in mind your home’s first impression can sometimes mean the difference between a potential buyer deciding not to even look at the interior, or being super excited to hop out of the car to check out the rest of the home.

Oh, and don’t forget to give your front door a bright new look and top it off with a welcoming springtime flowers!

Create your own not-so-secret garden!

If your house is looking up to snuff, but you just haven’t had the time or resources to devote to that flower or veggie garden you’ve been wanting, maybe this is a good way to invest your refund. According to many gardening websites, it costs between $200 and $300 to build and plant a vegetable garden. But the great news is the return you will get on your investment.  The Journal of Extension, a website devoted to providing education and information on a variety of topics, states that the average home veggie garden yields approximately $675 in produce for your family’s table. Just think – you’ll be saving money at the grocer while feeding your family fresh wholesome food from your own backyard!

Pay your mortgage – again.

If you are happy with the way your home looks on the inside and out, but you’d like to do something practical with your refund, use it to make extra mortgage payments. Most Realtors,  and mortgage lenders will tell you how significant it can be even if you just pay an additional 50 percent of your monthly mortgage amount each month. The benefits are twofold: you will save on interest payments over time and pay off the principal quicker, giving you more equity in your home – and more value to you when it’s time to sell!

You might also use your extra cash to buy new handles for your kitchen cabinets or new pulls for your dressers.   A subtle change that can alter your “look” at a reasonable cost.   

Whatever you spend your extra money on, do something that will give you loads of pleasure when you step back and take a look!

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