YOUR MONEY
Put Your Tax Refund to Work
Investing in your home, even as little as $500, can make big diff erence. ::
BY JENNIFER NELSON E
xpecting a tax refund this year? One smart way to spend it is by investing in your home.
It may not be as fun as a vacation
splurge or shopping spree, but improvements can add value to your home, and even some relatively simple ones can provide a good return on your investment (ROI). Here’s what experts in the real
estate and home improvement industries say about getting the best return, based on the size of your refund.
$500 REFUND Sure, $500 may not sound like it could make much of an impact, but there are viable, tangible options. Paint the exterior. “A well-kept exterior not only ensures your house stays in shape but also adds to the beauty and look,” says Dave Mason, owner of The Knobs Company, an interior design site with a focus on helping homeowners create unique spaces. Depending on your home’s size,
a do-it-yourself exterior paint job costs about $500 to $1,000 for paint
72 NEWSMAX MAXLIFE | APRIL 2023
and supplies. ROI: About 55%. If you decide to
paint the interior too, you can expect a 107% ROI. That’s not bad for a few weekends of your time. Add this quick upgrade to the
kitchen. Paint the kitchen cabinets for $500 to $1,000. “It can shave 10 years off your
kitchen and give it an instant facelift,” says Rick Berres, owner of Honey-Doers, a Minneapolis kitchen, bath, and roof remodeling company. ROI: 100%.
Update your closets. Your clothing space should be well organized and ample enough to house your belongings effi ciently. Try adding shelving, prefab closet units, or even a custom upgrade. ROI: The cost can go from a few
hundred dollars to $3,000 if you get custom work. If you go the custom route, expect to get a 53% return on your investment, says the National Association of Realtors.
$1,000 REFUND Install a home automation system.
It will allow you convenient management over everything in
your home using your smartphone, from door locks to lighting, security features, and the thermostat. Vicky Noufal, a realtor with
Pearson Smith Realty in northern Virginia, says installing such a smart home automation system costs around $1,300. ROI: It can be as high as 35%, and
it can increase your home’s value by 5%. Add a patio space. Noufal says outdoor entertaining spaces became a must-have during the pandemic and have held their allure as coronavirus fears fade. When it comes to choosing one, a
patio is much more economical than other options such as decks. Depending on the size and
materials, you can spend anywhere from $1,000 to $3,000 installing pavers, bricks, or a concrete slab and boost not only your home’s value, but your outdoor entertainment enjoyment. ROI: Over 80%, plus an increase in your home’s value of 8%.
$1,500 REFUND Install new countertops. Upgrading
your countertops to granite or quartz will make your kitchen look more modern. Not only will stone countertops increase your home’s value up to 35%, but most kitchen
FUSIONSTUDIO/SHUTTERSTOCK
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