It’s January and you should be getting your W2’s back from your employers, which means it’s tax season once again. Yes, the annual reminder that a huge chunk of your paycheck is diverted into Uncle Sam’s pockets. But, it’s not all bad.
Roughly 83% of all tax returns lead to a cash back into your pocket, the average return is around $3,120! Yes, many people use this return as a chance to make major purchases, especially since it’s money they did not plan on having.
How can you use your tax refund on something that as an investment, will add value to your home? Use it for your major roof repair, siding, windows and insulation projects you’ve been delaying!
In 2016, the IRS had processed 50 million returns by October, refunding $125 billion to the taxpayers. That’s a large amount of money just sitting around waiting for people to claim it.
When surveyed by GoBankingRates, 5,000 people responded that their plans for their tax refund were:
- Pay down debt.
- Save it.
- Go shopping.
- Take a vacation.
- Other/ I don’t know
- Make a major purchase.
While some of these are great ideas, making a major purchase that retains its value, also known as an investment, was not part of the list. But it should be!
Most people don’t save up over the years to replace their roof, windows or siding, but it’s something that periodically needs to be done. Money spent on those projects are almost always recouped in energy savings as well as when a home is sold, so it’s not like buying a new flat screen TV which loses value the instant you buy it.
Using your tax return to improve your house will help you not feel the cost impact of the project, since it feels like found money, but you can enjoy the benefits of a new roof, insulation or windows immediately. These projects help increase the value, comfort and aesthetics of your home in a way that none of these other options can.
Consider using your tax refund proceeds towards the home improvement project you’ve been putting off for too long. Call Pro Home Improvement at 888-776-1998 to schedule an appointment today or visit our estimates page.