Using Your Tax Return To Paint Your House
While the news of a tax return is sweet music to anyone’s ears, it’s the opportunities that having extra money can bring that’s even sweeter. But the question now is, what should you do with your tax refund? People may wish to use the money to cover debts, buy new items or take a vacation. These are many reasonable ways to spend the money that you get from tax returns. But one of the most sensible uses of that extra cash is to use it to repaint sections or the entirety of your house.
Why Repainting Your House Is One Of The Best Ways To Use Your Tax Return
The average tax return is about $2,800 while the average cost to paint a house is $2,581 and most pay between $1,714 and $3,682. This means that repainting your home is well within the range of your likely tax return. Painting multiple rooms in your house can also increase your potential return on investment from 1 to 3% and 2 to 5% if you include its exterior. This means that if you spent $250,000 on the purchase of your house, you can enjoy a potential return anywhere from $5,000 to $12,500 when you invest in painting portions of its interior and exterior. That’s a pretty good ROI (return on investment) when you look at the numbers. And if you consider the fact that repainting your house can also help improve you and your family’s everyday living, it becomes an even more worthwhile investment.
5 Repainting Tips That You Should Consider
Repainting your home is truly one of the best ways in which you can use the money for your tax returns. Here are 5 tips that you might want to follow so you can enjoy the best return on your home improvement investment:
If you have outdated and dull looking cabinets in your kitchen, a new coat of paint could be a great revamping solution to consider, especially if you don’t have the budget to purchase new ones.
Neutral colors for your walls
If you want to get the most bang for your buck in repainting your home, going with neutral wall colors is the way to go. It simply appeals to more people than any other strong color and can help transform your room into a neat and refreshing environment.
White for your trim gloss
Most people put all their attention on the walls and for several great reasons, but trims need some sprucing too. Painting the trim with a glossy white coating can be a great alternative to perk up a room if you can’t find the time or energy to paint all the walls.
Paint the exterior
If you’re looking to do a major home makeover, painting the exterior is something that you should consider. Curb appeal is extremely vital, and you want to instill a lasting impression in the hearts and mind of potential buyers. Painting your home’s exterior with a fresh neutral coating is a superb way to give it a new and up-to-date appeal.
Don’t forget the front door
The front door is the prime focus of attention in your home’s exterior, that’s why you need to make sure it stands out. If your front door is looking a bit mundane and replacing it with a new one is currently not in your budget, a coat of paint is an excellent option. Top it off with some chic hardware and you’re good to go.
It’s important to note that the costs and ROI’s presented earlier are averages and the numbers can vary depending on the size of the house, it’s location, the time you sell it, and numerous other factors. However, even if the numbers change, you will still come out a winner in the end if you decide to spend your tax return on s much-needed paint job. If your house is small and could sell for less, repainting is an economical solution to increase its overall value in the market. If your house is large, a complete repainting project could be costlier, but the returns are even greater. No matter how you look at it, investing your tax returns in repainting your house is a win-win situation. Instead of purchasing an item that has a value that depreciates over time, invest for your home’s enhancement and you can enjoy solid returns in the future.