April is the season of many joys.
From the sunshine, spring and beach days to tax refunds, many good things are in-store for everyone. As the tax refunds roll in, people start planning what to do with their refund money. While many choose to use it on a new phone, tablet or a vacation, some of the prudent homeowners are waiting for it to get their home remodeling game up.
According to Federal Bureau of Revenue, an average tax return in the year 2017 was $2782. Even though tax refunds are hardly sizeable enough to fund large-scale home improvements or major remodeling projects, these can be sufficient to get started by paying down payment for home remodeling loan or by undertaking the relatively cheaper repairs and remodels.
Spending your tax refund money on the home improvements can put it to good use as it can enhance your comfort, convenience, and quality of life. So, if you want to use your tax refund money for investment, here are eight ways to invest in home remodeling to secure good return.
Tax Return Under $the 500
If your tax return is on the lower side of the average, you should not despair. There are still a lot of home repairs and improvements from deep cleaning and sealing of floor tiles to installing new showers that you can get done.
1- Install Kitchen Backsplashes
A complete kitchen renovation takes time and money which is not possible for the tax refund. But, it doesn’t mean that there is nothing you can do with your kitchen.
A tiled backsplash can completely transform your kitchen space and cost you only a small fraction of the overall kitchen overhaul. The ceramic tiles start at $2 per square foot while the metal and glass tiles are expensive costing around $7 to $20.
2- Install New Fixtures
Another way to enhance the space without spending a lot of money is by installing new fixtures such as shower, faucets, or changes knobs of the cabinet. The fixtures are small and appear to be unnoticeable, but it is not true. Changing or upgrading fixtures can impact the look and appearance of whole space.
Therefore, if you are bored with your cabinets knobs or your shower is clogged, it is time to change it for good.
3- Cleaning HVAC System
The heating and cooling system takes the bait of the weather throughout the year. Whether it is cooling of the heat or warming up the cold, the continuous usage, as well as exposure to the external conditions, make it home for dirt, garbage, and bacteria. The dirty or bacteria-laden HVAC systems can affect the quality of air.
As cleaning of air ducts and HVAC unit costs around $300-$500, it can be a good use of your tax refund money.
Tax Return Under $3500
When your tax refund is lower than the national average but is not in the lowest bracket, the options for remodeling projects widen up. Even though the amount is not sufficient for large projects, it can still fulfill many of the functional and aesthetical repairs.
4- Repaint Interior Rooms
Everyone wants a trendy home, but most of the times, the budget restrictions do not let it happen. But, if you want to upgrade your home both aesthetically and functionally, you should invest your tax refund in interior painting.
If you plan to paint the rooms yourself, you can save the labor cost as well. Check the latest trends and home fashions to select paint colors and finishes for the bedroom, kitchen, bathroom, and lounge. It will not only change the characteristics of the space but will also fix any cracks or chip-offs.
5- Install New Bathroom Floor
With high traffic and high moisture, bathroom floors tend to get dirty and broken quickly. The moisture content in the air can cause a slimy layer on the floor and causes sparkling and shine to go away. The humidity can also cause tiles to break, corners to chip off, or grout to wear off.
The $3500 tax refund can help you get a new bathroom tiled floor. Costing an average of $800-$2000, you can choose the right floor material according to your needs.
6- Cabinets and Countertops
The cabinets and countertops are extensively used things in a kitchen and bathroom. With the passage of time, these countertops and cabinets can lose their glory and may need repair or replacement.
If your countertop is broken and has cracks or if your cabinets are shown sign of aging, you can get them replaced in $3500 budget. Bathroom cabinets cost around $800-$1500 on average.
Tax Return Under $4500
If you fall into the category of national average, you can use refund money in multiple small-sized remodeling projects or one large project. It may still not be enough for big things like installing a new roof or eco-friendly renovation, but it can cover expenses for installation of new ceiling, exterior paint, or installing new kitchen countertops.
7- Install New Ceiling
If you are bored of looking at blank white ceilings in the room or if your old ceilings are falling apart, the tax money is just in time to get you new ceilings. The average cost of installation of the new ceiling is around $4200. From popcorn ceiling to drywall ceiling, you can get a custom-designed ceiling installed in your home.
However, if you are looking for vaulted ceiling or wooden ceiling, the cost may exceed your budget.
8- Install New Kitchen Countertop
A concrete or laminate kitchen countertop is well within your budget if your tax refund is around $4500 or above.
So, if your countertop has lost its glory under the moisture and scratches, you can utilize the tax money for countertop replacement.
Conclusion
The tax refund is a reward for your honest and hard-earned money, and this is why it must be invested in the most effective way. Spending tax refund on home improvement can be a great way to improve the quality of life as well as enhance the value of your property.
