Date AuthorEric ZhouCategory Homeownership Share:

Flip your Tax Return into a Home Investment

Got tax return $$$ to spend? Be smart and use it to reinvest in your home.

April 15, 2019

Today is Tax Day, which means if you haven’t filed your taxes yet…you better start crunching those numbers! With the average American receiving $2,833 from their tax return, chances are you may have a check coming your way soon from the IRS. What should you do with that money? We say, invest in your home.

  • Down Payment

Not a homeowner yet? Take that tax refund and put it right into your savings so you can work towards your home ownership goals! Use this calculator to determine how much you need to save for a down payment.

  • Bathroom Fixtures

Small changes make big differences in a home. Start with the renovation of a small room like a bathroom! Change up the metal finish on your faucet, the handles on your cabinets, or swap your standard mirror for a framed one. These small details can create an entirely new look and feel to the room. These changes can stylize your home and make it more appealing to future buyers.

  • Fresh Paint

Your walls are the foundation of your home, so they should be a priority. Brighten up your space with lighter colors, or add impact with a single, bold-colored accent wall. Roll up your sleeves, grab a friend or partner and get to painting!

  • New Floors

The color and condition of the flooring in your home can make a huge difference in your home’s overall aesthetic and value. Consider putting that refund money into installing some fresh carpet, wood or tile to liven up your interior.

  • Light Fixtures

Brighten up your space with light! Outdated ceiling fans, lamps, or light fixtures need to go. Replace them with some modern fixtures and watch your place look fresher after just one installation!

  • Kitchen Upgrades

Start by upgrading small areas of your kitchen. Do your cabinets need some love? Or is your microwave outdated? Maybe a new back splash could create a whole new look. According to Remodeling Magazine, minor kitchen remodels have a larger percent return on investment when you sell your home than major, upscale remodels do.

  • Additional Mortgage Payments

Take a look at your refund. What difference would putting that money towards your mortgage have on helping you pay it off even quicker than you thought you could? Use this calculator to find out.

Happy tax season!