Financial analysts say that taking your tax refunds and investing them into home improvements is wise. Anyone with dependents has the ability to get a nice size refund. Many people struggle with the decision on what to do with those funds. Some take a nice vacation, others pay their bills, but what about taking the money to do long overdue home repairs?
Home improvements boost the value of the property. It is one way that your money can work for you. Depending on the size of the refund, it can accomplish things big and small. If you are having trouble deciding what repairs to tackle first, you need to work on the kitchen. You can make big changes by painting cabinets, adding new lighting and flooring, and doing some cosmetic upgrades. If your kitchen needs an overhaul, then you can get back 100 percent of your repairs if you decide to sell. The bathroom is another area that needs to be boosted. Adding some new fixtures and a fresh coast of paint can really brighten up any room.
If you have major repairs, like the HVAC unit or windows that need to be repaired, using tax funds can be a great way to accomplish household repairs without dipping into the operating expenses. Many people spend all of their tax returns on frivolous purchases and don’t have anything to show for them. At least by putting some of that money back into the home, it is adding to the home’s equity.