Reinvesting Your Tax Return By Making Home Improvements
Why using your tax return to make home improvements is a good investment.
With tax season upon us, many United States citizens will be receiving tax refunds. Homeowners often receive, on average, more money back from taxes thanks to tax breaks given to homeowner who have mortgages. Most financial and tax publications estimate the average tax return at around $3,000 per family. $3,000 is a sizable amount of money that can either be saved or reinvested. The purpose of this blog post is to show why reinvesting some of this tax return money into the home.
The first reason why making home improvements is a good investment for homeowners is that all home's need maintenance, and just like with a car, preventive maintenance will keep a home in good working and livable shape. Doing home improvements like painting, installing new flooring, or remodeling the bathroom will not only spruce up the look of the home, it also prevents things from deteriorating. Carpet gets worn, paint gets dull, and bathrooms get grimy, and making improvements to them helps keep things from getting out of control, leading to more costly renovations at later dates.
Another reason why doing home improvements is a good reinvestment for homeowners is that homeowners generally are good money managers. To qualify for a home mortgage, banks screen potential homeowners for credit, savings, down payment, etc. Generally speaking, banks do a good job at making sure a homeowner is financially sound before loaning money on a home. So most homeowners aren't dependent on tax return money for living expenses, thus spending tax refund money on a home improvement can keep homeowners from dipping into saving for money to spend on the home. Also, homeowners get tax deductions for mortgage interest, so using that tax break to improve the home, is almost like using the interest on the loan to fix up your home.
Last but not least, making regular home improvements leads to higher resale values and quicker resale time frames, when the time comes to sell the home. Most Realtors will tell you that home's with modern flooring, bathrooms, kitchens, etc., will always sell quicker then home's with outdated flooring, bathrooms, and kitchens. While some home improvements won't increase the value of the home, almost all home improvements will make the house more sellable. In addition to being up to date, many home buyers will get a professional home inspector to inspect a property for damages and costly repairs, and being up to date on home improvements will reduce the amount of problems a home inspector will find. Often times if a home inspector find damages, many sellers will either have to make the repair, or deduct money from the sale price to cover repairs. So keeping up with home improvements can make selling the home a lot easier when the time comes.
In conclusion, using tax return money is a great way to reinvest money in your home. Keeping a home well maintained, not having to dip into savings for home improvements, and keeping the home in a sellable condition is always a good investment. What better way to find money to make the home improvements you've always wanted. and/or the home improvements you need to make? If your a homeowner in the Salisbury, Charlotte, or Concord North Carolina areas looking to make home improvements after you receive your tax return, then give MB Construction Company a call or a email. We have free estimates on all of our home improvement services, so it cost nothing to see how affordable making home improvements can be. Thanks for reading our blog, and check in for new blog post frequently.
Authored by:
Brad Basinger
MB Construction Company
224 Prescott Drive
Salisbury, NC 28144
Phone:704-267-7763 (Brad)
Email: brad@mbconstructioncompany.com
Website: http://www.mbconstructioncompany.com
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