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7 cost-effective ways to invest your tax refund in your home

Jan. 9, 2018 at midnight

Getting a tax refund can make you feel as if you have won the lottery. While the temptation to spend your newfound wealth on transitory things like a vacation or some nice meals out is definitely there, why not consider investing it in something that will last and grow in value - like your home? From garage doors to energy-efficient windows, here are some of the most popular and cost-effective ways to spend your tax refund on home renovations.

A fresh coat of paint is always worth the effort. For a very small monetary investment and some of your time, you can make a dramatic change to how your home looks and feels. Plus, if you are doing exterior painting, you can increase its curb appeal and overall value.

Another worthwhile project with a great return is upgrading lighting fixtures. Older fixtures can quickly look dated and detract from your home’s appearance. Newer, more efficient fixtures not only make your home brighter (and thus safer) but they could reduce your electric bills in the process.

One of the most noticeable improvements you can make is investing in a new front door. If your existing door is warping, cracking or peeling – or if it’s merely dated and unappealing – now is a great time to make a change. This dramatic transformation can be completed in a day, tremendously update your home’s appearance, and boost its curb appeal, and make you feel safer as well.

Installing new garage doors is another wonderful way to invest in your home. Like a new front door, new garage doors can give your home a whole new look for a small investment. Plus, since so many folks enter their home via their garages, it can be argued that garage doors are your new front doors!

If saving energy and increasing your family’s comfort is a priority, investing in new energy efficient windows is a smart way to accomplish your goal. Believe it or not, a study by Energy Star found that by switching out old single-pane or even newer double-paned, clear-glass windows to more energy-efficient windows can save as much as $465 a year. That’s definitely a sound investment in your comfort!

You can accomplish similar energy savings on the water front by switching dated fixtures to new water saving versions – from toilets to faucets, there are more efficient options to fit in with every décor choice.

Finally, a great way to boost curb appeal and reduce future maintenance issues is to replace exterior materials like wood with maintenance-free products. Small changes to porch railings, posts and decking materials can make your home look much newer and do wonders your back. if you're a DIY person, you'll no longer have to scrape and re-paint year after year!



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