Tax day is finally behind us. If you’re getting a refund, you may be considering putting the money right back into your home.
So what can you do to make the most of your refund?
A Word on Tax Refunds
The average tax refund is about $3,000, which means that you may have enough to make an investment in your existing home worthwhile.
What Many People Use Tax Refunds For Around the House
Many people have taken out home equity loans, so if you’re one of them, you’re not alone. This may be the perfect time to pay down on your home equity loan so you can save money on interest in the long-term.
In many cases, it’s a good idea to make small updates. Invest in a backsplash on your kitchen sink, paint a room or two, or make small repairs that also add value to your home.
What about energy-efficient improvements? Sometimes boosting your home’s energy efficiency even results in further tax credits the following year–and you’ll almost certainly improve your heating, cooling and power consumption needs, as well.
You could invest your entire refund in one project, such as adding a covered entryway, knocking out a wall to create a more open floor plan, or upgrading to natural stone countertops in your kitchen. Perhaps you could add an entire wall of built-in bookshelves (complete with the ideal lighting scheme) or building paired closets–one on each side of the master bedroom, for example–that improve your home’s functionality without sacrificing the shape of your living space.
Are You Looking for a New Home in Tampa Bay?
Naturally, you could use your tax refund toward a down payment on a new home in Tampa Bay, as well (we’re a little bit partial to that idea).
If you’d like to explore your options, check out our:
- Hillsborough County real estate listings
- Pasco County real estate listings
- Pinellas County real estate listings
When you’re ready to find your next home, call us at 727-584-8480 or 813-961-6000. You can also get in touch with us online if it’s easier.