It’s tax season and although you may dread this time of year, at least you can potentially look forward to receiving a tax refund. The average tax refund in 2016 was about $3,000 and spending this extra money on refreshing your home can be a wise decision. It not only presents an opportunity to make your home more comfortable, but it can also increase the value of your home for the future.
Home improvements can be made on a large or small scale depending on your scope of budget. Here are a few tips on a variety of ways to refresh your home with your tax return:
First assess the areas in your home where you would like to make changes. Focus your efforts on a specific room to help maximize your impact and budget, if possible.
Popular rooms to make over are typically kitchens and bathrooms. Updates to these important and frequently used rooms will make the most impact on the rise in value of your home. According to Remodeling Magazine, in 2016 the average bathroom remodel recouped 65 percent of the investment made and minor kitchen remodels recouped 83 percent of the initial investment.
If you want to dramatically increase the value of your home, add on an extra bedroom by either converting your attic or garage space. Adding-on is a significant investment but a worthwhile one when it comes to your return. You may also like to consider adding a back deck to your outside space.
If your budget allows, consider replacing old appliances such as your fridge, oven or washer. Having newer appliances automatically increases value on your home and makes day-to-day life a little easier.
If you don’t plan on spending your entire tax refund on home improvements, you may choose to update a few smaller areas instead. Follow these tips for ways to get the best bang for your buck:
- Fresh Paint – Adding a fresh coat of paint is one of the quickest ways to freshen up rooms in your home. Other areas to consider painting are cabinets, closets and your front door.
- Update Your Furniture – Updating your home with additional furniture pieces can transform any room. If you are exploring a new design, consider first renting your furniture pieces to see how they fit within your home, before committing to a purchase. CORT’s Aurelia Chair is a great option for creating a cozy reading nook in a bedroom or living room. If you’re looking to infuse luxury into your living room, CORT’s contemporary white leather Marco Ottoman and matching Marco Chair will do just that. Updating your kitchen with a set of modern bar stools like CORT’s Derek Stool is a simple way to modernize this space.
Another option to consider is purchasing previously rented furniture at a discounted price. CORT’S Clearance Center offers great savings and an extensive inventory of previously owned home and office furniture that are built to last.
- Update Old Fixtures – Updating outdated light fixtures around your home is another great way to infuse new life. Do away with bulky overhead kitchen lighting and replace it with contemporary spotlights instead. Enhance your master bathroom with modern vanity lighting or add task lighting above your kitchen counter tops.
- Update Your Outdoor Space – Update your outdoor space by installing a new fire pit or outdoor lighting. Also, consider investing in new furniture for your front porch or back deck such as CORT’s stylish Santa Barbara Outdoor Sofa and matching Santa Barbara Outdoor Cocktail Table.
Rocking chairs, patio loungers, and wicker chairs also make for great additions to any outdoor space.
- Add a Backsplash – If DIY is your strong suit, try updating your kitchen with a stunning new backsplash. This immediately adds to the visual appeal and value of your kitchen.
If you’re lucky enough to get a tax refund check this year, it’s a great opportunity to reinvest in your home and help increase its value. If you’ve been meaning to repair or upgrade your home for a while, your tax refund might just be the perfect opportunity to do so.
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