3 home improvements that can maximize the effectiveness of your tax return
At the start of every year, individuals across the Northeast are typically concerned with staying warm and making sure their homes can successfully weather harsh meteorological conditions. However, this time of year is also when many homeowners begin planning for improvements that will enhance their sense of comfort, as well as heighten the property's purchase price, if they ever choose to list it on the local market.
This is largely because between the months of January and April, many Americans file their annual tax statements and receive their returns. While some may choose to use this money to fund lavish vacations and buy expensive consumer items, those who are more financially savvy tend to invest in their residences and make home improvements that can effectively enhance a home's resale value.
Making a few strategic upgrades around the house can not only boost your personal satisfaction and update its functionality, but also make it more attractive to potential buyers. If you're looking to undertake such a project in the coming months using your tax return, choosing one of the following three renovations could significantly be to your benefit.
1. Cosmetic updates to kitchen, bathroom
Since individuals tend to spend the most time in their kitchens and bathrooms when indoors, providing these rooms with a new look could substantially improve their overall appearances. According to Bankrate, providing major cooking and cleaning appliances in the kitchen with a facelift - by introducing chic new panels in place of outdated or mismatched ones - can heighten the space's degree of continuity and give it a more modern style. In the bathroom, small enhancements can also go a long way, as prospective buyers may be willing to pay more for a property where such updates have already been completed.
"Simple things like a new toilet seat and a pedestal sink are pretty easy for homeowners to install, and they make a big difference in the look of the bath," Gwen Moran, an author and serial remodeler, told the website.
2. Gas-powered, electric ventless fireplaces
Due to the fact that residents of the East Coast generally experience low temperatures and large amounts of snow fall during the winter season, one of the most popular improvements undertaken by homeowners is the inclusion of a modern heat source. Having a fireplace that is powered by natural gas, or ventless models that run on electricity, can be the most cost effective for many, according to HouseLogic. These alternatives to fireplaces that require the construction of a chimney make for quick and easy improvements to any interior living area, and can be used as an attractive selling point if you ever decide to sell your home in the future.
3. Replace appliances altogether
If you're content with the quality of your house's major appliances, then a cosmetic update is a great improvement project. However, if you think you could save money by swapping them out for cutting-edge models that are more energy efficient, don't hesitate to do so. While you may have to dedicate the entire return to the installation of just one appliance, the savings generated annually could be substantial. New technologies in washing machines and dryers, as well as heating and cooling systems allow them to use less power while providing the same quality. This could cause your utility bill to decline considerably over time.
At Poli Mortgage Group, we understand the importance of regularly updating and improving your home, and we know how financially demanding such work can be. Our workforce of knowledgeable Loan Officers are highly skilled at finding low rates for our valued clients and securing them with affordable payment plans. In our 13 years of operation, we have originated more than 40,000 mortgages, and continue to see that number grow every day. To learn more about the many products and services we offer, call 866-353-7654 today.