Ways to spend your tax refund on home improvements

When it comes to deciding what to do with your tax refund, there are so many options. What about funding those home improvements you have been thinking about all year? Think a tax refund is not enough to make a difference? Think again, the average refund noted by the IRS through mid-April is $2,815. We’ve come up with some ideas for you.

How far can your tax refund go?

$500 refund

A $500 refund could make some small but impactful changes in your home. Some of these home improvements can even be done in one day. Simple updates such as painting your front door or the trim of the house can brighten your home’s exterior. Want to take it up a notch? Improve your home’s curb appeal by changing your outdoor light fixtures or replacing your mailbox. New flowers and trees can also change the look of your front yard. Using your tax refund for these small enhancements to your home’s exterior could really boost your curb appeal.

You can spruce up the interior of your home just as easily with home improvements. Replacing your ceiling fans is a quick, easy way to change the look of a room. Another small change with a big impact is replacing your faucets in the kitchen and/or bathroom. Wish your bathroom was more spa-like? Change the shower head and go from regular to glam in one day. One small and inexpensive home improvement not too many people think of is switching out the plates for your light switches and outlets. This is something simple that can add a nice accent to a room or even freshen it up a bit. There are so many new decorative switch plates available that something may sure to catch your eye.

Simple changes such as faucets can have big impacts.
Simple changes such as faucets can have big impacts.

Even more home improvement options…

$1,000 Refund

With a larger tax refund you can go from home improvements that result in small cosmetic changes to home improvements that could save you money in the long term. Replacing your standard water heater with a tankless one could save money and add space in your home. Automating functions in your home such as temperature and lighting by installing a Nest or Ecobee system can save you money. The ease of setting temperatures via a schedule or even remotely will add to your family’s comfort level as well. However, don’t assume these home improvements will add to the value of your home, not all home improvements do.

How about using your tax refund to put in a new backsplash in the kitchen? This quick home improvement can change the look of your kitchen. Or go for something simpler such as installing new window screens. Installing solar window screens can reduce heat from the sun and possibly lower your home cooling costs.

$2,000 Refund

With a $2,000 tax refund you may be able to add wood flooring to your home. Going from carpet or tile to wood flooring really warms up a room. New outdoor furniture on the deck or patio can also transform your space and make it more inviting for family gatherings; especially with the warmer weather approaching and barbecue season around the corner.

There are so many options for home improvements that could be accomplished with your tax return. But, if you are looking to remodel the kitchen or bathroom or even do a full backyard makeover, you may need a bigger investment to fund the project.  A cash-out refinance could help you complete it.

If you would like to see how you can fund your home improvement project, talk to the lending experts at Lenox/WesLend Financial or call 844-225-3669. As heard on the radio, it’s the biggest no-brainer in the history of mankind. 

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