Why Investing Your Tax Refund in Repainting Your House Makes Sense
It’s that magical time of year again. No, it’s not summer, spring, New Year’s, or the holidays. It’s tax time! But, why do we get the feeling you’re not jumping with joy? Taxes do evoke a certain ill feeling in a lot of us. After all, Benjamin Franklin said it best, “The only things certain in life are death and taxes.” As good citizens, we know it’s our duty to pay our taxes. While the excitement of anticipating a refund can make us feel giddy, it’s really what we can do with that extra money that gets us the most excited.
While some choose to pay down debt, purchase new clothing or other luxury items, go on vacation, or pad the college fund for the children, there are many ways to spend your tax return. We love painting, which is why we believe the best place to spend your tax refund is on repainting portions or the entirety of your house.
According to Saving to Invest, the estimated average tax refund for this year is $2,840. According to Home Advisor, “The average cost to paint a house nationally is $2,581 and most pay between $1,714 and $3,682.” This range depends on the size of the house and what part is being painted, but it gives you an idea of the general cost. According to Consumer Reports, painting multiple rooms in your house can increase your potential return from 1 to 3%. Fixing the exterior of the house, including painting, can yield a 2 to 5% potential return when you sell. According to Trulia, the average home cost in Port St. Lucie, FL is $200,000. Your range of potential returns when investing in painting portions of the interior and exterior of your house can range from $4,000 to $10,000. That’s not a bad ROI (return on investment) when you look at the hard facts. Even if you’re not planning to sell right away, we believe you should invest your refund in the repainting process.
We recognize these are all averages and that numbers change based on house size, location, when you sell, and many other factors. However, even if you adjust your calculations, you’ll still come out on the winning end. If you live in a smaller house that may sell for less, it will cost less to repaint. If you live in a larger house, it may be more expensive to repaint, but you will be able to sell it for more. Any way you look at it, investing your refund in repainting your house is a win-win situation. Rather than purchasing something that will depreciate over time, invest in a property that will gain value over time.
Contact us today to see how we can turn your tax return into the best investment possible!