If it’s a tax season where you are getting a refund instead of having to pay or breaking even: congrats! If not, be patient, your season could be soon. Don’t get discouraged. The best option is usually to save instead of spend. However, tax refunds can be an exception because most people don’t budget them in. If you can, consider setting aside part of your refund to a savings account, outstanding bill, or high interest payment. Those are typically the best places to start.
Another great option if you’re in the market for a home is to consider using your tax refund towards your down payment. Down payments can deter some buyers from purchasing a home. However, using your tax refund could get you into your home quicker and may alleviate the need to pull from your savings. That’s a win-win!
After that, if you’ve got a little left over, you might consider showing your home some love with some of these upgrades listed below! Making an investment in where you live can pay off in the future. Skip the instant gratification and invest where it counts. Based on what amount you have left over we’ve outlined a few home improvement ideas by cost. Ideas are just estimates and will vary due to several factors, such as home size and the supplies used.
Most of the estimated project costs below are considering the cost of labor (for the ones that need that). If you plan to do the work or install – you could spend less!
Less than $300
Painting kitchen cabinets with a kit
Replace door knobs
Programmable thermostat
$300 – 600
New dishwasher
Add a new screen door
$600- 1,000
Entire home storage/organization
Adding updating landscaping/curb appeal
Replace garden tub or standing tub/shower
$1,000 – 1,500
Replace carpet in entire home
Build a shed
We hope this inspires you to try some updates in your home that add to your investment. We’ve tried to highlight upgrades that we think will make your home valuable and/or look better in the future.