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The Smartest Ways to Spend Tax Refunds, Savings or Extra Cash
In 2016, the average tax refund in the United States is $2,798, according to the Internal Revenue Service. While saving or investing it, taking a vacation, or paying off bills might all be valid ways to spend a tax return, home improvement and real estate experts advise homeowners to consider fixing up their landscape and home exterior. It's a wise investment that could increase your original expense when it comes time to sell.
Taking that hypothetical $3,000, we've looked at smart ways... to enhance and upgrade your yard -- both front and back. We also posed the question to several experts in the field of landscape and garden design:
In what ways would you spend a $3,000 tax refund for outdoor home improvements?Continue to 2 of 11 below.
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Investing in attractive, region-appropriate landscaping for your home will give you at least a 100 percent return on your investment, provided you care for and maintain it. Some ideas:
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- Spend about $400 to $1,000 or so for a yard maintenance crew to prune, weed and basically clean up your front yard for curb appeal or the back yard for livability.
- Get trees and shrubs trimmed by a professional tree-trimming service.
- Consult a landscape or garden designer to work with existing shrubs,... perennials, ornamentals and succulents, along with the basic design. Then buy plants and hire a landscape crew (often through the designer) to plant them.
- If you live in a drought-prone area, get rid of your water-guzzling lawn. Hire a landscape crew that specializes in lawn removal to do so. Some areas even offer incentives and rebates for replacing lawns; check with your city or county for more information.
- Change the landscaping near your pool: it will improve the poolside garden and the look of the pool itself.
- Buy what you love and know. Barry Glick, garden author and owner of Sunshine Farm and Gardens in Renick, West Virginia, says he would use a $3,000 tax refund on "of wildflowers!"
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April Bayne, landscape designer at Designs of April, says she would use a $3,000 to work on curb appeal, infrastructure or drainage issues. "It depends on priorities. If I had a dog, a fence might be important. If my landscape was OK, I might choose furnishings."Continue to 4 of 11 below.
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A Patio, Deck or Outdoor Room
Don't underestimate the value and appeal of an outdoor room or surface, like a patio. If you used that extra $3,000 to build, say, a 320-square-foot stamped-concrete patio in Evanston, Illinois, it would cost between $2,951 and $3,715, according to homewyse.com.Continue to 5 of 11 below.
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Painting is one of the best ways to spruce up a drab exterior or get rid of peeling paint -- both eyesores. While painting a home varies according to the size of home, region, and quality of materials, smaller jobs can also make a huge difference.
For instance, the cost of painting a 180-square-foot porch in Phoenix, Arizona, is $171.34 (low end) to $310.82 (high end), according to HomeWyse.com, an online home service and materials estimator. Even painting the front doors a bright color (see... photo) can add appeal to a nicely painted exterior. Door hardware that complements the home's architectural style is also a smart touch.Continue to 6 of 11 below.
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An Outdoor Kitchen
Since the post-Word War II housing boom, homeowners have been driven outside by their love of the barbecue. Portable charcoal models have given way to more elaborate grills that can cook an entire meal, along with outdoor kitchens featuring countertops, bars, refrigerators and all kinds of amenities.
Not surprisingly, Kevin McSherry, of From The Ground Up says he "loves the outdoors" and that he would spend a $3,000 tax refund on an outdoor cabana or grilling/smoking (cooking, not... tobacco) area. If he had a choice of outdoor grills, McSherry says he would go for a wood-fired pizza oven.Continue to 7 of 11 below.
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Hardscape, Paths and Pavers
Hardscape includes those areas of the landscape that do not have dirt or things growing in that dirt. Replacing hard-to-grow or water-guzzling areas with pavers or pea gravel adds interest and can be a smart fix for a difficult location. Pavers and stone can enhance outdoor areas and complement a home's architecture.
With an extra $3,000, "I would redo my driveway using permeable pavers," says Helen Yoest, author of Gardening With Confidence and Plants With Benefits. She continues:... "My garden is water-wise. All the rain that lands on my property, stays on my property, except for the driveway. I'd like to make that right. Other projects I've done with that kind of money that I've never regretted are night lighting and adding an important stone step feature in the middle of my mixed border leading into the backyard."Continue to 8 of 11 below.
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Water or Fire Features
With a $3,000 budget, Brian Rivers, owner/project manager of Minnesota-based Impressions Outdoor Living, says, "I would consider a lighted water fountain with plantings, a firepit, replace a front entry walkway, or add some front planting beds and accent stones to update and add curb appeal."Continue to 9 of 11 below.
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Fencing or Walls for Boundaries and Privacy
Paint or upgrade fencing in the backyard or front, or add a gate that has security features. This way you're investing in appearance and safety.Continue to 10 of 11 below.
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Adding or updating outdoor lighting to the front or back yards of your home are not just practical or for safety--they also accentuate a home's architectural features, add ambience, accentuate landscaping, and create a sense of warmth.
When choosing lighting fixtures, consider energy-saving LEDs, the style of your lightContinue to 11 of 11 below.
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A Front Porch Update
A front porch is part of a home's curb appeal. When the porch or entry looks good, it can set the tone for the rest of the front yard; if it needs paint or repair, it can bring down a home's appeal and even it's value.
Helen Yoest says she would change her front porch. "It would be purely cosmetic. The roof over the porch would change, as would the stoop. It's a faux Georgian style with a flat porch roof that extends from the second floor, with tall, ostentatious columns out... front. I would change it to a porch roof that extends the front of the house, between the first and second floor."
Other easy updates include repairing steps, replacing columns or posts, repairing, replacing or painting the porch floor, or sprucing up the door and window frames, the door itself, or other architectural details. You can also buy new furniture or add an outdoor fan to maximize its potential enjoyment level.