The spring brings us an exciting season, great weather and for some of us a tax refund check from the IRS. What are some of the best ways that you can spend that money? Investing these funds back into your home can not only provide you with some instant gratification, but can also add value to your home that can pay off when it comes time to sell.
According to research teams from the National Association of Realtors and Realtor Magazine there are many great ideas to make the best of these bonus funds. The result of their findings show which property enhancements offered the best return on investment. Here were their best performing projects.
Let There Be Light.
There are few things more frustrating than not having enough light in your bathroom. Making sure your bathroom is both modern and energy efficient along with being lit well is important.
Replace any dated or worn out fixtures and if you don’t already have them add lights over the mirror to make daily grooming needs easier.
Tip: Adding a water saving shower head with multiple spray settings is not only money saving but also luxurious after a hard day of work.
Re-Tile Your Bathroom.
One of the best returns on investments as far as remodeling projects go are in your kitchen and bathroom.
Re-tiling your bathroom floor or the walls around the shower is an inexpensive way to add value and update your rooms look.
Tip: A simple subway tile is both classic and modern and will stand the test of time as well.
Add Curb Appeal.
For not a lot of cash you can have a professional landscaper design a new look for your yard. If you are handy and have a green thumb nothing is more enjoyable than seeing your labor blooming in front of your home.
Tip: To ensure the best bang for your buck make sure to choose plant species which are native to your area so that you don’t have to spend all of your time maintaining the new look.
Stand Out Amongst the Crowd.
One of the highest returns on investment is a new steel front entry door. Not only are steel entry doors beautiful, affordable and energy efficient, but they add an appeal of safety to a home that a large glass door just does not give you.
As an added bonus you order them in any color you want or paint them yourself to add even more curb appeal.
Tip: Adding a magnetic weather strip to your new steel door ensure a positive and leak proof seal each time the door is shut saving you even more in energy costs.
Update Your kitchen.
The kitchen is often the most highly sought after room in a home. And the reason is clear, an updated kitchen will attract buyers and gives you a huge return on your investment.
Most appliances can be purchased for between $1000 and $1500 dollars on the low end and $3000 on the high end.
Ensuring that all of the appliances match and are Energy Star certified will not only save you money but will ensure that potential buyers put your home at the top of their short list.
Tip: A fast way to give new life to your kitchen is to update your door and drawer hardware.
Add Space and Convenience.
Focusing on the kitchen, bathroom and master bedroom is the first place to maximize your return on investment. Once these areas are covered consider transforming your basement or attic into living space by adding a bedroom and bathroom combination.
You can of course go without the bathroom but there is substantial value in not having to go up or down the stairs for the bathroom.
Tip: Using a Murphy Bed kit allows the bedroom to be used as a playroom, office, workout space or any number of other spaces while still being able to be used as a bedroom.
Focusing on these areas will ensure that your potential tax return not only makes your home more appealing, but also adds direct value while not breaking the bank.