9 Ways To Use Your Tax Refund For Home Improvement Projects

9 Ways To Use Your Tax Refund For Home Improvement Projects - PenFed YourMoney Blog

If you’re looking for something to do with your tax refund this year, have you considered investing in a home improvement project? Making your home a better place to live will make you happier every day — and if you plan on selling in the future, it can help you get a higher price.

Ready to rock a home improvement project this spring? Here are some suggestions that might fit right into your tax refund.

Repaint everything. Whether inside or outside (or both), you can get a lot of bang for your buck from a fresh coat of paint. For the budget-minded, this is a project that can be done mostly with elbow grease, but paying someone can get it done without sacrificing all of your free time. Exterior paint is great for adding curb appeal and giving you a better setting for summer barbecues. Interior paint can brighten any room and just make home feel more homey — all without needing to take on a major renovation project.

Fix up fencing. Old, worn or damaged fencing can make your home look just as old and worn. (Not to mention how easy it can be for kids or pets to wander off without an enclosed space to play in.) A new or refreshed fence adds both security and privacy, while helping create the perfect space for outdoor entertaining this season.

Add a deck or patio. If you don’t have a good space for outdoor entertaining, why not add one? Whether a terraced wooden deck, a flagstoned patio or a fancy outdoor kitchen, there are plenty of ways to make the most of your outdoor space this season. And if you want to take your outdoor entertaining even further, perhaps it’s time to consider adding a pool, too. You’ll have all summer to take advantage of it!

Spruce up the yard. If you don’t have a green thumb, you can give yourself the gift of a perfect garden by hiring a landscaper. Be sure to ask for low maintenance plants that will look great even if you don’t have the skills to pamper them, giving you landscaping that will last for years (even if you neglect it). And if that’s not a big enough project for this year’s tax refund, consider tacking on a sprinkler system. An automated system will keep your lawn and garden green even when you forget to water.

Replace your kitchen countertops. A full kitchen remodel is a huge project, but you can spruce up the heart of your home without taking on too much. A good place to start is countertops: they can give your kitchen a whole new look whether you just put in fresh Formica or upgrade to high end granite. If your cabinets need some love, too, you can update them without ripping them out: a fresh coat of paint or varnish can make them look all new.

Update the carpet. Who wants to live with dated, dirty carpet? Depending on how much of your home is carpeted, all new carpet could be well within your tax refund’s reach. And if you repaint at the same time, you may not even recognize your home anymore.

Get new fixtures. From faucets to drawer pulls, updating your home’s fixtures can really change your home’s look — and usually on a pretty low budget. So toss out those tarnished bronze drawer pulls in the kitchen and replace them with the brushed nickel finish that matches your new faucet. You’ll be surprised how much this small detail can bring the room together.

Tackle a big bathroom project. Though reworking a bathroom can be a pricey project, the typically low square footage means it’s cheaper to rework than your kitchen. Modernizing a dated bathroom can have a major impact on both your day to day happiness and your home’s retail price.

Get rid of a wall. Open floor plans are all the rage, and if you’re interested in tackling a big project, maybe it’s time to redraw your home’s floor plan. Depending on your home’s design, some walls may be easy to remove in whole or part, but you’ll have to consult a professional to find out.

Does your remodeling plan outstrip this year’s tax refund?

Tapping into your home’s equity is a great way to fund a major remodel. PenFed offers both home equity loans and home equity lines of credit to suit any remodeling project. Apply today to start turning your home into your dream home!

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