As tax season comes to an end, Colorado homeowners can use their tax refund to invest in their home! Here are three ways to use your tax refund at home whether you’re buying, updating, or selling your home this year.
Save for Down Payment
If you’re thinking about buying a new home, the best thing you can do with your tax refund is put it towards a down payment. For first time home buyers, the down payment is a big challenge with buying a home. Having a larger down payment can help you get a better rate on your home loan. In Colorado’s competitive housing market, a bigger down payment can also help home buyers make a stronger, more competitive offer.
When you get your tax refund this year, tuck it safely into a savings account.
Invest in Home Improvement
Instead of leaving house projects on your “to-do” list, tackle them this spring with help from your tax refund! Prioritize projects based on which will have the most benefit for your home. Start with any necessary maintenance to keep your home in good condition.
Next, focus on projects that can increase your home value. For ideas about home improvements that pay off in the long run, read Here’s How to Use Your Tax Refund This Year.
If there are no big projects to tackle right away, put your tax refund into a rainy day fund. Having money saved up can protect you when sudden repairs are needed.
Hire a Professional Home Stager
Home staging can make a big impression when you are selling your home. Professionals know how to use home staging and design to create a space that is appealing to home buyers. When people look at photos or tour your home, they want to easily imagine themselves living in the home.
Put your tax refund towards the cost of a professional home staging. Ask your REALTOR® to recommend a quality professional home stager.
Whether you are buying, selling, or simply living in your home, take advantage of your tax refund to improve your home this year. For more ideas and inspiration, check out more articles about owning a home in Colorado.
Originally published May 5, 2016 — Updated May 16, 2019