10 Ways to Improve Your Home Using Your Income Tax Refund

If you’re getting some money back on your tax returns, one great way to spend that money might be to do some simple home repairs.  Many household projects that can have a big impact are actually relatively cheap and easy to do.  And by spending a little money towards improving the look of your home - you can really increase your home’s perceived value when it comes time to sell! 

So, if you’re among the millions of Americans who are getting money back on their tax returns, here are ten great ways you can use part of that towards improving your home.

1. Paint. Yes, it’s that simple. Paint usually costs under $50, but can make a dramatic improvement to your home’s appeal. So, strip off the old wallpaper and sand off the walls for fresh coat of paint. Keep in mind though, that if you’re looking to sell your home soon, neutral colors are better for potential buyers.

2. Yard work. Yes people are coming to see your house when you want to sell it, but curb appeal makes a huge difference on first impressions. Mowing, weeding, and growing some basic plants are all cheap but time consuming projects that will contribute to a better package deal for buyers.

3. Replace bathroom fixtures. Bathroom and kitchen fixtures may work fine over a long period of time, but the finish will corrode and lose its shiny coat. So replacing these knobs will naturally give the bathroom or kitchen a more updated look.

4.Refinish the kitchen cabinets. Replacing kitchen cabinets can be pricey, but striping the finish and painting or refinishing it can give a new look without the cost of new cabinetry.

5.Powerwash the outside of your home. Keep the outside clean and add a coat of paint if needed.

6. Build a deck. Decks are also relatively simple projects that don’t require outside help or immediate completion, so free up a few weekends to improve the outer look of your home.

7. Don’t install a pool to increase the value of your home. Pools actually decrease the value of your home, so be sure you’re getting a lot of personal value out of it before putting one in.

8. Replace laminate with tile. Compared to many other materials, tile is relatively cheap and easy to install yourself.

9. Install decorative moulding. Have cracks and imperfections around corners and edges in each room? Get thick moulding to cover those spaces while adding a bit of character to the room.

10. Install organizers. Messy basement? Maybe too much stuff piled into the garage? Build simple shelves and organizers for neat storage. This way, buyers will focus on how much space the home has, instead of how much stuff is in it.

Contrary to popular opinion, you can improve your home and your home’s value by doing some inexpensive home improvements.  Why not put your income tax refund to a good use? You’ll enjoy the updates while you live in your home and you’ll enjoy the increase in value if you need to sell it.

About Clayton Closson
Clayton Closson is an experienced personal finance writer with a knack for taking complex mortgage and money issues and making them clear and simple. By day, he's a marketing leader at Quicken Loans, America's #1 online lender, where he specializes in writing about home buying, home refinance and mortgage rates.
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