Smart Ways To Use Your Tax Refund On Your Home

Dated: 04/11/2017

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You finally finished your taxes and you’re probably wondering to yourself – “How should I spend al this extra money this year?”

Well, maybe not exactly that, but we at least hope you have some money to spend since the average tax refund for 2015, as of March 2015, is $3,120.

Our suggestion? Spend it on your home!

While your refund may not be enough to completely redo an entire room, it can help pay for some smaller upgrades that make a huge difference.

Take a look at these Smart Ways to Use Your Tax Refund on Your Home:

Kitchen Upgrades
While remodeling your entire kitchen will probably cost well over the average tax refund, a great investment to make in your house would be to update your walls, flooring and fixtures in your kitchen. You could use the extra cash to add a backsplash, paint the cabinets or replace a faucet and lighting fixtures.

Replace Old Appliances
If you’ve had your current appliances for a while now, it may be time to upgrade. Consider donating your old appliances to a charitable organization and buy a replacement that’s more energy efficient. Someone who is in need will appreciate it, and so will your utility bills!

Freshen Up Your Exterior
Winter is hard on your homes exterior. Replace your front door and or garage door if they are old and worn and add new landscaping to give your home a fresh new look. Adding foliage to your entrance can truly enhance your property’s cub appeal.

More Smart Tax Return Updates
According to National Association of Realtors renovations with the biggest bang for your buck include:

Renovations that bring the greatest percentage return on investment:

Entry door replacement: 96.6 percent

Deck addition (wood): 87.4 percent

Attic bedroom: 84.3 percent

Garage door replacement: 83.7 percent

Minor kitchen remodel: 82.7 percent

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Kristine Sours

A native of New Jersey, Kristine attended Rowan University with a major in Early Childhood Education. After teaching kindergarten for one year, she discovered her passion for real estate and subsequen....

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