For most owning a home is the single biggest investment people make, but usually, that’s forgotten during tax time. Many people get their returns and quickly spend them on fun while forgetting to reinvest in their home. If you are still thinking of creative ways to reinvest all or some of your tax return into your home, here are some ideas.
Future and Preventative Maintenance
All homes, no matter how well built are subject to aging. Your roof won’t last forever, neither will your AC unit. Often these needs seem to come out of the blue, but if you have time to plan ahead you can anticipate when you might need to set some money aside for replacements. Another way to keep your home running smoothly is to make sure you keep track of your regular home maintenance. Performing preventative maintenance such as cleaning and small repairs can go a long way.
Seasonal needs of your home come up every year so why not anticipate them early and set some of your tax return aside for them? It’s always a good idea to have your heating and cooling units inspected before heavy usage seasons. Summer and winter are good times to have pest control done around your home. Springtime is the time for gardening and updating your landscaping but also for making sure that your foundation is in good shape as the extremes in moisture can cause foundations to shift. Additionally, you’ll want to check windows and doors for good seals before the winter and summer months to keep your house properly insulated and to keep moisture out. By keeping up with these needs you can protect your investment and keep small issues from becoming larger in the future.
Updates and Upgrades
No house gets outdated overnight, but after years of use and changing trends you can find yourself in an outdated home should you want to sell it. Using your tax return to update flooring, or even simply repainting the inside to more modern shades. A fresh coat of paint can do wonders for the value of your home. Additionally, lighting, fixtures, and countertops can go a long way to add to and maintain your home’s value. Some updates can even save you money. Considering green updates like Energy Star appliances and windows can help your home run more efficiently. Updated technology like Nest Thermostats can help you save money on heating and cooling your home with the ability to make schedules and regulate temperature remotely. Adding a video doorbell system and a few motion lights from Ring can give you (and potential future buyers) an added sense of security. Whether small or large, reinvesting with updates and upgrades is a practical way to increase and maintain the value of your home.
Insurance (Homeowners, Flood, Windstorm)
Separate from your homeowner’s insurance is your flood and windstorm insurance. Policies can change from year to year with coverage definitions changing depending on your location and many other factors. In many cases, a combination of flood, windstorm, and homeowner’s insurance is what most Texas residents use. This is more common if you are located on the gulf coast but coverage varies. If you’ve not reviewed your coverage, now is a good time to contact your insurance agent and consider what you might need before the busy hurricane season begins.
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