A little boost in your bank account always brings a good feeling but, are you spending your tax return on the right things? Home improvement is something to consider not only for your own comfort, but for a possible increase in home value. We aren’t talking about items like a new sofa or the latest kitchen gadgets. Investing in something more tangible for your home like high-quality landscaping or new light fixtures have the potential to raise your property value. Here are some great ways to spend those well-deserved tax dollars in the right places:
- Simple steps like repainting or replacing your mailbox contribute to the overall curb appeal of your home. Repainting will cost around $15, while replacing is about $150.
- Landscape investments may run anywhere from $1,450 – $5,350 according to HomeAdvisor.com. However, according to SmartMoney.com, hedges alone raise the property value as much as 3.6%!
- Bigger expenses like outdoor landscape lighting may run around $400 per LED light fixture, including installation. Depending on the size of your home, the total cost may run from $2,000 – $5,000.
- Repainting your front door is affordable and effective. Costing around $200, (paint plus lock and knob) this update could increase your property value as much as $8,000 according to msn.com.
- Boosting your curb appeal will raise your property value from 10% – 15%. Zillow.com advises not to spend over 30% of your home value on landscaping.
- Repainting small things like baseboards and brass light fixtures is an affordable way to update your home. Depending on the size of your home, DIY baseboard and fixture repainting can cost you anywhere from $15 – $30 for the brush and paint. Spray painting your brass light fixtures will run anywhere from $20 – $50.
- New light fixtures can be a great update to your home. But don’t forget to budget for the cost of an electrician, ranging from $160 – $508 for installation according to HomeAdvisor.com.
- There is a dramatic increase in home value if you paint rooms a particular color. Painting a room can range from $380 – $800. Accordingto CBS Money Watch, these color/room pairings increased home premiums in 2017: Light blue kitchen – $1,809; Taupe living room – $1,809; Blue bedroom – $1,856; Blue or purple bathroom –$5,440. Full list here.
We hope that this information gives you inspiration, whether it be for simple fixes or bigger upgrades for the future. For more tips on how to spend your tax return on home improvements read this great Forbes article.