One of the best times of the year is that day you receive your tax refund in the mail and get to decide the best way to spend it. While not everyone receives a tax refund or for some, a payment has to be made instead, for many that do get that tax refund, it’s a good excuse to do something special. For some, it’s a great time to build that savings account, pay some bills, and take a vacation.
Have you considered foregoing that vacation and big screen TV to instead reinvest the money into your home? When you already have a home, it seems like there is no point to putting money into the home with this extra money in your bank account, but you would be surprised what it could do for you. If you are one of the lucky ones getting a tax refund this year, which most people are averaging about $3k in returns, here is a look at why reinvesting into your home could make a huge difference for you going forward.
Become energy efficient
What better way to spend your tax refund money than to spend it on something that is going to save you money every month on your bills? Use this year to make your tax refund work overtime for you by making your home energy efficient, lessening your impact on the environment, and saving you in energy costs every month!
It’s a great time to make sure your home is properly insulated and investing in better insulation where needed, making sure you are using energy-efficient appliances, and investing in “smart” devices such as a thermostat that saves you on heating and cooling during the times you’re not home. Consider installing changes like a programmable thermostat, a low-flow showerhead, and new storm door to ensure your home is energy efficient going forward.
Do you have flood insurance?
This is a good time to make sure you are covered in the case of emergencies. In addition to any insurance you already have, why not purchase additional insurance that could protect you if something were to happen? Many people forego the flood insurance because they don’t want to pay another $700 per year to get covered but you may want to think again.
Investing that money in additional insurance could be a lifesaver in the event that you need to use it in the future. Why risk your family’s safety and your beautiful home’s well-being over a small amount of money each year when you could just invest the extra money into it now? Flooding insurance will help you in the case of rain or wind damage.
You could always freshen up
If you don’t have the need to do any major changes in your home but you are sick of the kitchen cabinets or the old bathtub, maybe this would be a good time to spend your money reinvesting in your home’s interior.
Buy that backsplash you’ve been eyeing for your bathroom, repaint the living room, and buy that new bedroom furniture set. You’ll love the results of these projects around the house since you see these things on a daily basis. Any repairs or refreshments you make such as new sinks, new paint, or landscaping work will add value to your home.
Make this the tax year that you freshen up your living space, protect your home, or save yourself money by making some changes. Reinvest in your home and enjoy a better living situation going forward.
