It’s tax season and hopefully your CPA gives you the words everyone wants to hear….”you are getting money back.” In 2019, 73.2% of tax filers received a refund. If you are one of the lucky ones, there is always the question of what to do with your tax return. Before you book a cruise, consider these options that will last a lot longer than a week in paradise.
1. If you don’t own a home, a tax refund may be just what you need for a down payment on a new home.
2. Solar panels offer great benefits They can save you money on your monthly utility bills while adding value to your home and possibly making it more likely for you to get a future tax return if you qualify for tax credits.
3. Is it time to replace your HVAC or water heater? Making this upgrade can save you money with more efficient systems running your home.
4. There are many different home improvements you can make that will increase the value of your home. From large additions to an extended patio or new garage, your tax return may be able to give you the extra space you need while increasing your home’s value.
5. Upgraded appliances can be a great benefit to your family and Energy Star options can save you money over old appliances that no longer run efficiently.
6. Have you been patching your old roof the last couple years? A roof is the single greatest protection you can give your home from the elements. Protect your home and your investment with a new roof this year.
7. Does your home need some general updates? Almost all homes do from time to time and the great thing is with so many different ways to update your home, there is something to fit any budget. Maybe it’s new flooring, a fresh coat of paint or even new windows. What does your home need most?
8. If your home truly needs nothing, there is always the option to pay down the principal on your mortgage. Don’t think that paying extra will reduce the amount you have to pay each month. However, it will reduce the amount you still owe, which could potentially save you thousands over the life of your mortgage and shorten the time it takes you to pay off your home.
Always take the time to think about any changes you plan to make to your home. Updates should be made with long term value in mind. If you have questions about what updates to your home will be most beneficial, give us a call.
The Janis Penick Team
RE/MAX Bastrop Area
Serving Bastrop, Cedar Creek and Smithville
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