Getting a tax refund is exciting. You work hard for your money, and now you can have it work for you! One great way to use your tax refund is for home improvement projects. Whether you're looking to make minor repairs or major changes, there are many projects that will give you the best value from your tax refund.
The Benefits of Home Improvement
Home improvement doesn’t just make your house look better; it can also increase the value of your property. In addition to using your tax refund, if you have enough equity in your home, you may be able to refinance or take out a loan against this equity to fund the cost of major improvements without having to dip into other savings.
Small Tax Refunds Projects
- Painting Projects: Painting can drastically change the look and feel of any room in your house. Whether it’s refreshing the walls of an old office or giving your kitchen a modern touch, painting is one of the most cost-effective home improvement projects. You can purchase paint and supplies at any hardware store, so even if you have a smaller tax refund, you can still create an impactful renovation.
- Entryway makeover: Your entryway is the first thing your guests see as they enter your home, so try elevating it with a new rug, repainting your front door with a fresh, bold new color, installing new lighting, or adding some plants.
- Install a smart thermostat: How efficiently you heat and cool your home can have a large impact on your utility spending each month. By installing a smart thermostat, you can easily control the temperature from your phone and watch that monthly bill go down!
Large Tax Refunds Projects
- Upgrade Your Storage: Adding storage to your space can be as simple as hanging shelving to create your own built in storage in a living or play room, or as complex as adding a pantry, or stunningly designed walk-in closet in the master bedroom. However you tackle this project, adding storage options within your home can help increase its value.
- Renovating Your Laundry Room: Having a practical space to do laundry is a great way to further increase your home’s value. Consider adding a sink, counter space for folding or ironing, and shelving to manage clutter. There are many ways to get more out of tight spaces, such as switching to a stackable washer and dryer to incorporate counters and treasured storage space. These little details can seamlessly transform a laundry room space into an ever day place of positive impact.
- Upgrade Your Kitchen: A kitchen upgrade can include anything from getting new appliances to installing a new countertop or backsplash. If you want a cost-effective impact on the overall look of your kitchen, consider painting your cabinets or updating your hardware. These small touches can make all the difference without breaking the bank! If you aren't entirely sure where to begin or what upgrade might add the most value in your specific space, check out our affiliated Real Estate brokerage, Vylla Home for help from a local agent.
- Backyard Renovations: From replacing worn deck boards to adding a fire pit area, there are plenty of ways to transform your backyard into an outdoor oasis that everyone in the family will love. Before investing in any backyard project, determine what types of materials would work best given the layout and design of your yard. You may also want to consider installing outdoor lighting to take advantage of outdoor spaces day or night!
- Invest in New Floors: If you have been wanting to give your home a new look, investing in new flooring may be the perfect solution. Many homeowners opt for hardwood floors because they add warmth and elegance to any room. If hardwood is not in the budget, waterproof vinyl plank flooring is a durable, cost-effective way to give your home an updated look that will stand the test of time.
A tax refund can be a great opportunity to increase your home’s value while making it a space you’re truly proud of! Take some time this year to invest in yourself by improving your living space with quality materials and craftsmanship that are sure to last!
Looking for more information? Consult your Vylla Home agent or check out vylla.com today.
