Are you spending your tax refund on a home remodeling project?
According to the IRS, more than 70 percent of Americans receive a refund during tax season. And, while most of these individuals and families plan to use their refund money to pay off debt, a good portion of taxpayers plan to use their refund to make (or help make) a major purchase – like home improvement or remodeling projects.
If you’re planning to invest in your home this refund season, its best to work with a licensed contractor to ensure you’re getting the most bang for your buck. And, if you’re unsure about where in your home you’d like to invest, consider these places:
Bathrooms are one of the most used rooms in a home. Whether the space is large or small, the only bathroom in the house or one of many, remodeling or refacing a bathroom can change the feel of the entire home. Typically, bathroom remodeling and refacing projects offer a great return on investment.
Kitchens are often referred to as the heart of the home as they are the room where family and friends gather. Another popular room to remodel, kitchens take a good bit of time, effort and finances to complete. That said, transforming an out of date, or potentially unusable space into a kitchen you will love for years to come is worth all the potential hassle.
Take a look at the room your family spend the most time in, does it need to be updated? Perhaps the kids use the basement regularly and it needs to be finished, or the living area needs a refresh. Either way, now may be the perfect time to tackle those projects.
While it may seem small, painting a few rooms in your home could add up – and it makes the world of difference in how clean and inviting a home feels to guests. Many times, walls take a beating from our day to day life – kids, moving furniture, etc. – and a fresh coat of paint can make a space feel like new.
The first impression of your home is the exterior. If you’re happy with how things look inside your home, perhaps you’d prefer to spend your tax refund sprucing up the outside, adding new trees, flowers and perennials to ensure the first impression of your home is a positive one.
Investing in your home, whether it is an indoor or outdoor project, is always a great idea. Not only do you get an immense amount of pleasure from the remodel, but also it may result in a higher return if you go to sell your home.