Spending Your Tax Refund on Your Home!

Spending Your Tax Refund on Your Home!

By now, most Americans have received their tax information, and many have already filed their taxes with the IRS. Last year, the average amount of a refund was $2,913, leaving many Americans with a large chunk of change in their pocket. Sure, you could plan a vacation or decide to go on a shopping spree, but why not invest that money back into your home to improve its value? If you’re considering taking your tax refund and using it to gain some equity for your home, here are a few ways you can spend your tax refund this season.

Covered parking

If your home doesn’t have a garage or you are parking on the street, consider building a carport to shelter your vehicle. Not only can this addition help keep your car clean and cool during the hot summer months, but many times you can receive a discount on your insurance by having covered parking on your property. Depending on the size and features of the carport you choose, you can pay several hundred to a few thousand for a new carport. If you’re interested in seeing how much a carport would cost you, ProBuilt Steel Buildings lets you build your dream carport and price it according to what features you want. You can choose open plans, sides, doors, coverings and more to fit your needs and what matches your home.

Energy efficient appliances

For about $3,000, consider upgrading some of your outdated appliances for ones that are more energy efficient. A budget this size can help you cover the expenses of a new washer and dryer, as well as an energy efficient fridge. Switching to energy efficient appliances can save you a few hundred dollars each year, so your one-time investment could eventually pay for itself.

Home repairs

Your house may be in need of a few repairs that you might have been putting off for a few months. These repairs can not only add to your quality of life, but they could also help improve the resale value of your home should you be considering putting it on the market in a few years. For example, adding a half bathroom starts at around $3,500, but could help on the resale value. You could also consider building a masonry fireplace or replace your central air conditioning system for a new, more energy efficient model. Of course, there are other small changes you can make throughout the house that will help improve efficiency, such as replacing windows with ones that are more energy efficient, checking your home’s envelope to ensure that excess air isn’t seeping through the cracks, and planting trees or other windbreaks to protect your home from the elements.

Landscaping additions

If you decide you want to make more changes than just planting a tree or adding some shrubbery, consider installing some landscaping or making some additional changes to the exterior of your home. For a little more than $3,000, you can install a patio or pathway on your property, or install some landscaping in your yard, depending on size and what features you include. If you want to really improve your yard, consider installing an awning or adding a trellis for a nice place to spend your weekends. There are plenty of options you might want to consider, but the website Home Advisor offers some suggestions, as well as the average national cost associated with these projects.