Some of us look forward to tax season, anticipating a good tax return. But one thing we have to remind ourselves: a tax refund was our money to begin with, not a bonus. Money is money, right? Thinking of our refund as a gift or unexpected cash makes it tempting to splurge on a nice-to-have item, rather than save. But what if you could both splurge on something you want and save?
If you are a homeowner, there are ways to reinvest your tax refund and increase your home’s value. Investing in a whole-home humidifier, remodeling your kitchen or bathroom, or replacing your furnace or air conditioner are just some of the investments you can make. When it comes time to sell, you will thank yourself for making the investment and giving yourself years of enjoyment in your home.
Here are four ways to increase comfort and the value of your home:
1. Add a home air purifier
If you or your loved ones suffer from allergies or asthma, you may want to consider an air purifier. These devices remove contaminants from the air, like dust and pet dander. They are also great at reducing second-hand tobacco smoke. You can purchase a stand-alone unit to improve the air quality in a single room. Or, consider adding a larger unit to your central air system. This allows you to circulate cleaner air throughout your entire home (called a whole-home air purifier).
2. Invest in water treatment appliances
Water treatment, like filtration and softening services, ensure your home’s water is clean and safe. Believe it or not, a water softener can cut down the time you spend on chores. Hard water contains minerals that leave spots on your dishes. With soft water, one wash in the dishwasher is enough to make your dishes sparkling clean. Hard water can also damage appliances. Sediments in the water collect and restrict water flow in the pipes. This affects water pressure and overtime hard water can damage your plumbing system.
3. Renovate your kitchen or bath
Have you outgrown space in the kitchen or bathroom? Or, are you living with dated designs? Maybe your sinks are looking a little rusty or are slow to drain. There are many reasons to remodel your kitchen or bathroom, and great financial returns too! According to Remodeling Magazine, bathroom remodeling in 2019 gave homeowners a high return on investment, between 53-57%! It is one of the highest return on investment projects for the home. At Haller, we provide full kitchen and bathroom design and remodeling services to maximize your investment. Contact Haller today for your free estimate!
4. Install a new heating and cooling system
As they age, heating and cooling systems start to break down and become less efficient, which costs you more in utility bills and repairs. Heating and cooling is the largest energy expense for most homes in the US. According to the Department of Energy, these costs account for approximately 48% of the energy used in a typical US home.
If your system is 10 years or older, now is a good time to consider an upgrade. And, upgrading your older system gives you options. Have you been bothered by pockets of cold air, loud noises, or dust? Newer systems have smarter ways to bring comfort to your home. You can also consider add-ons, like whole-home humidifiers and air purifiers.
Future homeowners will look for new home finishes and beyond the walls, to your home’s heating and plumbing systems. You can wait until you sell to invest in your home, but you will miss out on more comfortable living now. With your tax return, now may be the perfect opportunity to invest your money and splurge on comfort. Contact Haller today to learn more about how we can help you maximize the value of your home with your tax refund.