At tax time we all have our wheels turning in our heads trying to figure out -how should you spend your tax refund. Many of you will choose to spend it on your homes- especially after the kids move out or have grown older. But where is the best place to spend it? You all want to make the best use of your money possible and investing in your homes is always wise. Here are some smarter ways to spend your tax refund on your empty nest that you will not regret.
Tip #1 Spend your tax refund on paint
Whether you're planning on staying or downsizing painting your home will give it a fresh clean look. After many years our wall becomes dirty and dust covered. A fresh coat of paint will cover up all the handprints your kids have left behind. Choosing an up to date paint color will help you update the look of your home creating a more inviting environment. This new color can make your home come into this century and will help if you decide to sell and downsize. Pro Tip- Keeping the wall colors in neutral color families will always entice new home buyers.
Tip #2 Spend your tax refund on Appliances
Throughout the years of raising a family appliances get their work out. Updating your appliances will ensure what you have is working efficiently. Providing you with trust for the upcoming years - what you have will last. There are lots of new technological changes that have taken place in the last few years to appliances such as on-demand pulsed defrost system helps preserve the taste of frozen foods by minimizing temperature swings. Check out all the new technology before you buy. Yes, you can still defrost items the old fashion way. But you are now an empty nester and you are able to finally enjoy some of the new finer things in life that are luxury items. So choose the quieter refrigerator this time around.
Tip #3 Spend your tax refund on flooring
Your flooring has taken one of the worst beatings of all. It has endured not only your kids but all your kid's friends as well. From the birthday parties, sleepovers, to the ball cleats your floor has been there working hard all along. You now need a floor to will last throughout your retirement years. Now I know with the kids out of the house you will no longer need a floor that's bulletproof. But you do need to consider what options are available, what will be low maintenance, and durable so they will not require replacing again in the near future.
Tip #4 Spend your tax refund on quality furniture
Its time to get rid of the Ikea furniture that has yucky kid stains on it. Now is the time to finally enjoy the quality sofa that you always wanted- and this time it can even be a bit lighter in color as the kids are no longer small. You should focus on buying quality furniture that is made to last and constructed out of real wood. Look for furniture that has deep gained stains for quality, avoiding stains that look thin or translucent. Examine cushions to see if they are well constructed - don't be afraid to lift them over to check them out. Quality furniture is generally made from hard and solid woods, joints are integrated into frame components, and pieces are reinforced with screws and glue. Pro Tip: remember spending a bit more now will ensure that the furniture will last longer in your future.
Tip #5 Spend your tax refund on lighting
Its hard to enjoy a home that you can't see in. Spend some time examining your room and see where you need more lighting - look for dark corners. Add in overhead lighting where needed or add more lighting with lamps. Consider what tasks are to take place in the room - ask your self-questions about the usage of the room. Do you need to add more task lighting at a desk or reading corner? Maybe you need more light on an end table. Look for convenient ways that make it easy to access turning on and off your lights. Such as the new Phillips hue that can be connected to your google home. Through proper set up you can now walk into your room and just ask Google to turn on your light making your room more user-friendly and easier to operate hands-free.
Tip #6 Spend your tax refund on curb appeal
If you are going to downsize or are considering moving don't forget the curb appeal. The first opportunity that you have to leave an impression is when someone pulls up to your home. Create an experience there that they enjoy admiring. Try cleaning out your flower beds and adding some new mulch or pine needles. Make sure if you have bushes that they are neatly trimmed. Remove anything in the yard that will distract from the beauty of the house. Add a bit of color and life with small flowering plants.
There are many ways you can go out an spend your tax refund. But as you can see investing in your home property is a great way to not only enjoy your spendings but ensures you can regain your investment later. If you decide you need to move or downsize these are great ways to make sure a new buyer will not have to make significant changes and will more likely buy. If you need more help getting your home ready to sell or help with staging please contact me and we will set up a one on one consultation where we can discuss what you need to do in order to get your home ready to sell.