Fredericton Real Estate News Blog | Larry Booker

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Smart ways to use your tax refund

Smart Ways to Use Your Tax Refund at Home
Thu, May 1, 2014

Wondering what to do with your tax refund? Consider putting the money to good use by investing it in your home.

Here are a few relatively inexpensive home improvement ideas most people don't think of right away – yet ones that may quickly boost the look and value of your house.

1. Update kitchen fixtures. You don't have to redo your whole kitchen to give it a new look. A new faucet, cabinet handles and knobs go a long way toward giving your kitchen an updated feel.

2. Freshen up the bathroom. ​Reglazing and re-caulking your bathtub can make it look like new. Replacing old, mildewy shower doors can make a huge difference, too. And if the toilet's seen better days, it might be worth picking up a new one.

3. Put in garage shelving. The new storage space will help you keep your garage tidy, and it's always a good selling point.

4. Replace the garage door. Speaking of garages, replacing the garage door is an excellent investment that recoups more than 80 percent of the costs in a cost vs. value analysis.

5. Upgrade your front door. You'll see an even bigger gain when you replace the front door; the same analysis shows that with a new entry door you could recoup more than 90 percent of the cost. As long as you're working on the front door, update your doorbell and lighting. They're among the first things guests (and future potential buyers) notice as they enter your home.

6. Plant a tree. Adding foliage will enhance your property – plus, it's good for the environment. If you live in a drought-prone zone, you might want to consider investing in low-water xeriscaping instead.

If you're not necessarily looking to make home improvements, there's another great way to put your tax refund to use for your home: Make an extra mortgage payment. One additional payment a year can trim years from your loan.

Looking for more tips and information? Read these previous blogs for homeowners and sellers. You'll probably find great value in the RE/MAX Home Selling Guide, too.

When you're ready to sell, let a RE/MAX agent guide you. Find a local RE/MAX Realtor or office near you.