The Top 5 Home Renovations You Should Spend Your Tax Refund On - It’s that time of year again, and if you haven’t filed your tax return this year, April 15th is just around the corner! If you have already received your tax refund (or are expecting it any day now), a home renovation is a great way to spend the money. Many people don’t think about using their refund this way, but the right projects can improve your quality of life, along with adding some additional value should you decide to eventually sell your home.
Did you know that the average American expects to receive almost $3,000 from the government this year? If you’ve got a check headed your way, use it on one of these 5 projects:
1. Renovate your kitchen
Your kitchen is one of the busiest rooms in the house, and it’s probably a little worn down from all of that traffic! In fact, the kitchen is usually the first room that needs some updating. Kitchen renovation projects are a great way to not only update the look and feel of your home, but also to add a lot of value if you ever sell. You don’t have to do a floor-to-ceiling renovation, though. Simply updating your appliances, changing your cabinet tops, or even just updating your hardware all have potentially have high returns on the investment.
2. Update your bathroom
Giving your bathroom a fresh look bathroom typically will give you more than a 75% return on your investment. And, luckily, it doesn’t have to cost a fortune. For under $3,000, you can add comfort and luxury to your current bathroom. For example, you can repaint, add new vanity tops, add crown molding, replace the faucets and the hardware, freshen up your caulk and grout, and have your bathtub and toilet professional relined.
3. Create a master suite
You and your significant other can enjoy your tax refund well into the future by turning your master bedroom into a master suite. Although every person will want to add upgrades that fit their needs and personality, some great ideas to get your started include adding heated floors, installing separate his and her sinks in the bathroom, creating a built-in entertainment center in the bedroom, and installing a wine refrigerator in the bedroom. Having a master suite is becoming increasingly popular and can add a lot of value to your home. It will also give you and your sweetie a private getaway right in your own home!
4. Tackle your yard
Since the weather is warming up, now is a great time to get outside and use your refund to do some renovations outside! Your first project should be on the sidewalk. Take the time to fix anything that may be broken or a hazard, and then spend time power washing the sidewalk to make it clean and fresh just in time for spring. Then, head to your local nursery and plant some flowers or bushes in the front lawn. You’ll add color and vibrancy to your home and dress up the façade. An added bonus is you get some sunshine and exercise in the process!
5. Refurnish your living room
Although you will probably take your furniture with you when you go, you should also consider spending your tax refund on a newly-furnished living room. Unless your furniture is already new, head out to your local furniture store and update the living room to make it both chic and comfortable. If you ever decide to sell, the new furniture will also look nice when potential buyers come in for tours.
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