Homeowner's Academy

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7 Projects to Improve Home Value with Your Tax Refund

by BROOKE GOLD HASSON | Mar 26, 2015

7 Projects to Improve Home Value with Your Tax RefundIt’s the most wonderful time of the year! No, not Christmas… tax refund season!

Who doesn’t love receiving some extra spending money to kick off the New Year? One of the best ways to take advantage of your tax refund is to put it toward your home.

Here are seven ways you can use your tax refund to improve the value your home.

Project #1: Get Organized

Investing in organizational storage is a great way to kick-start your spring cleaning and improve the value of your home.

For a few hundred dollars, you can install organizational storage in areas of your home, like closets and pantries, to optimize the use of your space. In addition to giving you a peace of mind, this simple solution gives all your “stuff” a place to go.

Average Cost: $40 - $70 per square foot

Project #2: Boost Curb Appeal

Curb appeal is such an important aspect of your home, especially if you are considering selling it in the near future. Even if you aren’t looking to move, refreshing your front yard creates a welcoming experience for your family and guests.

Update the front of your house for a fresh, new facelift. Create an accent door to easily spruce up your entrance.

Also, try finishing off your freshly painted door with new hardware. Replace your mailbox with a new design, and add crisp numbering to the sides.

Average Cost: varies

Project #3: Update Utility Fixtures

Updating utility fixtures like switch plates, outlet covers, lights and doorknobs can do wonders to a home. Whether you choose to simply repaint fixtures or replace them with new ones, these simple home changes can help improve the overall value of your home.

Also, consider replacing the louvered ceiling registers in each room of your home. You’d be surprised how much fresher your home will look with new registers… and how much more air will flow through each room.

Average Cost: Under $8 per ceiling register at your local hardware store

Project #4: Add a Fresh Coat of Paint 

New paint can do wonders for revitalizing a living space and boost the value of your home. With just a few hundred dollars and a weekend set aside, you can give your home a new, fresh look. 

You can DIY this painting project, or hire a professional, but doing it yourself will get you more for your money. When selecting paint colors, keep in mind that neutral appeals to most people. One of our favorites is Softer Tan by Sherwin-Williams.

Average Cost$200-$300 for standard paint, and $400-$600 for high-quality paint (For a 1,500-square-foot home)

Project #5: Give Your Floors a Facelift

Installing new floors can significantly improve the value of your home. Many potential buyers desire hardwood floors when house hunting. If your floors are damaged, repairing them is an absolute must, according to ninety-one percent of real estate agents surveyed.

If hardwood floors are not a realistic option, consider shampooing your carpets to remove dirt and stains. A professional carpet treatment adds roughly $1000-15000 to the value of your home.

Average Cost: $600 to $900

Project #6: Give Your Kitchen Cabinets a Makeover

Refacing your kitchen cabinets is a great, cost effective way to give your home a major update. Rather than spending tens of thousands of dollars to completely gut your kitchen, refacing cabinets offers the same end result for a fraction of the cost.

Average Cost: DIY - $200 to $500; Hiring a professional - $1,000 to $3,000 

Project #7: Install/Update Your Home Security System

Make sure that your home is well protected. If you don’t have a home security system, consider investing in one. This will deter burglaries and give you and your loved ones peace of mind when you are away.

Average Cost: $282 - $800