February typically marks the time when Americans begin filing their taxes in hopes of getting a refund from Uncle Sam. If you’re one of the taxpayers who receive a tax refund this year, you may be tempted to splurge on a vacation or the newest technology product.
If you’re a homeowner, you may be wise to use that money for home improvements. Whether you plan to stay in your home or are planning to move in the next few years, home improvements may increase your home value.
Tax refunds come in all sizes, and so do home improvements! Here’s a few suggestions for…
Tax refunds under $500:
Replace the cabinet hardware in kitchens and bathrooms
For a relatively inexpensive upgrade, you can give your bathrooms and kitchens a new look by replacing the cabinet pulls and handles.
Make over your entryway
Curb appeal is one of the key ways to improve the look of a home. Elevate the look of your entryway by painting the front door a bold color, installing good lighting, or adding plants.
Install a smart thermostat
Smart homes are increasing in popularity, and a good place to start is by installing a smart thermostat. Controlling the temperature of your home is as easy as the click of a button on your smartphone and can save you money on your monthly utility bill.
Tax refunds of $1,000:
Add a backsplash to your kitchen
It’s no secret that upgrades to kitchens are one of the best ways to increase your home’s value. You may not be in the market to do a full upgrade, but adding a backsplash provides an instant transformation at a fraction of the cost.
Whether you want to improve the curb appeal or create a backyard sanctuary, landscaping can both increase the value and enjoyment of your home.
Upgrade appliances such as the refrigerator, dishwasher, or stove
If a full kitchen remodel isn’t in your budget, refreshing your kitchen appliances may add value and efficiency. Stainless steel appliances convey a clean and contemporary design and may give the appearance of an updated kitchen.
Tax refunds of $3,000 or more:
Add an outdoor patio
As spring approaches and the weather warms up, you may be looking forward to outdoor barbecues and evenings outside. Adding a patio or modifying an existing patio, including adding a fire pit, outdoor seating area, or freestanding grill, may increase your quality time outdoors.
Install new kitchen countertops
Kitchen remodels are undoubtedly an investment, but they may increase the value of your home in the long run. If you’re looking for a serious investment, you can upgrade your kitchen countertops to quartz or granite.
Did your refund fall short this year? Carrington has several home repair and cash-out loan programs available. Give us a call to see if you qualify!