Now that the deadline for filing your taxes has passed, you might be trying to think of ways to put your refund to good use. While some people like to use their tax refund to go on vacation, buy new electronic devices, or splurge on another big ticket luxury item, many people like to use their refunds to tackle some of those home improvement projects they’ve been wanting to take care of.
Using your tax refund to improve your home is one of the smartest ways to use it, especially if you’re considering selling your home in the near future. Not only can improving your home make it more comfortable and enjoyable to live in, certain improvements can help to add value to your home. Not all improvement projects have a high return on investment, so if you really want to boost your home’s value, you have to be careful to choose the right projects. Here are a few projects that can help you make the most of your tax refund!
New Steel Doors
If you’re considering selling a home, a new steel front door is a great way to give your home’s curb appeal an extra boost. According to the 2015 Remodeling Impact Report by the National Association of the Remodeling Industry (NARI), new steel doors can recover 75% of the total cost of the project when the house is sold.
Not ready to sell? New steel doors are still an excellent investment. If it’s been a long time since your home got new exterior doors, they might be starting to look a bit worn or show signs of damage. Older doors are also likely not as energy efficient as newer doors are, so replacing your doors could help you save money on your energy bills.
Vinyl Replacement Windows
Vinyl replacement windows are another great way to spend your tax refund regardless if you’re planning on selling your home or staying put for a while longer. Older windows that are damaged or have outlived their useful life can really drive up your energy bills and make your home quite uncomfortable. The 2015 Remodeling Impact Report listed new vinyl replacement windows as being the second most appealing project to buyers, ranking only behind a new roof.
New Garage Door
Whether you’re looking for a way to make your home more appealing to potential buyers or you just want to change up the look of your home’s exterior, a new garage door can make a big difference. Best of all, replacing a garage door has consistently been a home improvement project that recoups a large percentage of its cost. In 2015, new garage doors had an average of an 87% return on investment.
Anything that improves your home’s energy efficiency is a great way to spend your money. If your home could stand to use more insulation, an insulation upgrade will help bring down your home’s heating and cooling costs and make your home a lot more comfortable in general. Since so many homebuyers are looking for energy efficient features in homes, a home with plenty of insulation will definitely be very appealing!