GoBankRates.com estimates that the average tax refund this year will total about $3,000. In a survey conducted by that organization, 10 percent of respondents said they plan to splurge on a vacation or luxury item when the refund arrives. But 9 percent plan to use that money for a “major purchase.”
Some homeowners may choose to buy a refrigerator or washer and dryer with that windfall. But an even better investment would be a home-improvement project that may add to the home’s resale value. For example, a siding replacement adds $12,119 to a home’s average resale value per Hanley Wood. Building a backyard shed can also boost the value of your home, especially if the prospective buyer has a shed-ready hobby and needs an artist studio or woodworking space.
“Replacing home siding has consistently ranked as one of the best projects for increasing a home’s value,” says Karen Alves, LP’s Brand Segment Marketing Associate for siding. “When you sell the home, you recoup more of your investment than with comparably priced renovations like window replacement.”
With potentially $3,000 in hand, a homeowner can go beyond a just-the-basics renovation to one that adds significant home value. Here are some idea-starters for how to use a tax refund for a home renovation:
When your refund check arrives, resist the impulse to buy those tickets to Tahiti or jewelry store bling. Invest that money into some remodeling projects that make your home more creative and increase the asking price when you sell.
As time fades, so do exterior remodeling trends. One trend we aren’t seeing losing its appeal anytime soon, however, is prefinished siding. If you’re a homeowner considering a residing project, prefinished siding materials are certainly worth exploring. The pros that come with using prefinished siding range from project efficiency advantages like time/labor savings and a cleaner jobsite to aesthetic benefits like color consistency and durability.Continue Reading
When considering an exterior remodel, homeowners can often be intimidated by the layers of planning and countless decisions to be made…from choosing the right remodeler to selecting lasting materials to picking out a paint color. With a large investment, it’s vital for homeowners to put in the time to ensure they are making the right choices throughout the planning process to achieve their desired result.
Today’s craftsman-style homes are variations of the ones first built in America in the late 1890s in a revolt against the overly ornate Victorian style of the day. The name was coined by the founder of Craftsman magazine, which was devoted to ensuring “serious architecture” was accessible for working-class families.
You’ve noticed your home’s siding could use a face lift. Maybe your siding is cracked, has damaging build-up or perhaps the passage of time has taken a toll on its appearance. With the primary purpose of exterior siding being to add a protective layer to your home, you’ve decided it’s time for a siding repair or replacement. Now what?