Got Your Tax Return? Here’s 5 Home Improvement Projects That Build Equity Fast
Put Your Tax Refund to Work Building Equity in Your Home
It’s tax season again, and if you’ve received a big refund check from the IRS already, then you may be looking for sensible ways to put that money to good use. And what could be more sensible than investing in the equity of your home? Here are five reasonably priced home improvement projects that will put that refund to work building equity in your home.
1. Replace Your Windows and Doors
Depending on the size of your refund, this may or may not fit in your budget. But nothing really affects the curb appeal and energy efficiency of your home quite like installing new and well-insulated energy-efficient windows and doors. The money you save on your heating bills won’t hurt either…
2. Put in a Home Solar Power System
Solar power generating systems aren’t nearly as expensive or inefficient as you may remember them. With government and tax incentives, net-metering policies that pay you for the excess power that you generate during peak hours, and advances in storage, home solar can start paying for itself immediately. Eventually, it may even save you considerable money on utilities while increasing the value of your home.
3. Finishing the Attic or Basement
If you’ve got an unfinished attic or basement space that’s just waiting for a makeover, now could be the time. Depending on the type of attic or basement space that you have already, this can either be a very involved or minimally involved project.
Jacking the house up to add to the foundation or dropping the ceilings on the main floor to create more headroom in the attic may be beyond your budget, but if all that you need is sheetrock, flooring, and paint, a finished family room or additional bedroom can add major equity to your home.
4. Rebuild the Deck or Fence
As far as cheap projects that can really impact the look of your home, a fresh deck or fence (or in some cases, a re-stained deck or fence) can work wonders. For some homeowners, both of these projects fall into the realm of DIY, while for others, the cost of hiring a deck or fence specialist isn’t too expensive.
5. Kitchen Makeover
Notice that we didn’t say “kitchen remodel.” A full kitchen remodel, with stainless this and granite that would likely go beyond the budget afforded by any but the largest of tax refunds. What we’re talking about here is a makeover, a project that gives your kitchen a new look without breaking your bank. For projects of this nature and scope, you can update the flooring, the hardware on the cabinets, the cabinet surfaces, maybe even the counter tops and backsplash. And, if you have the dollars left over, you may check out a couple of new appliances, too.
Five Easy Ideas
Well, there you have it — five home improvement ideas for your tax return, all with equity-building power. You may be eyeing a new toy or a trip to the other side of the planet, but it’s worth considering that investing in your home could give you the best return on your money.
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