Invest Your Tax Refund in Your Home

With tax season months behind us, are you still holding onto that refund check for a rainy day? Before splurging on a new laptop, a designer handbag, or a cruise to the Bahamas, consider investing in the Boston real estate market! Take a look around your home, and take a look at your finances to see where an extra chunk of change might be put to good use. Not sure where to start? Here are a few ideas to consider when thinking about how to invest your tax return into your home.

Pay down your mortgage

If you received a hefty tax refund, use it to pay down a big chunk of your mortgage. The faster you pay down your home loan, the less interest you’ll pay and the sooner you can start saving for other big expenses. Be sure to check with your particular bank, but most lenders will allow you to send additional funds along with your regular monthly payments.

Invest in a new property

I’m looking at you, renters! If you’ve been itching to get your feet wet in the Boston real estate market, use your tax refund to start saving for a down payment on a new home or condo. Home prices are rising, and some extra money in the bank might help you make a more competitive offer on that home you’ve had your eye on.

Remodel your kitchen

Homeowners can catch the eye of potential homebuyers with an updated kitchen. If you don’t want to do a complete overhaul, consider replacing dated cabinets, installing under-cabinet lighting, or upgrading to granite countertops. You’ll enjoy the new luxuries and get a return on your investment when it comes time to sell.

Save it for a rainy day

If you are fortunate enough to have paid off your mortgage, consider starting an emergency savings fund just for home-related expenses. The extra cash will come in handy for those expensive, yet necessary repairs. For example, if your refrigerator happens to break or if you need a new roof. 

While dealing with all of the paperwork around tax time can be stressful and exhausting, it usually pays off in the end. If receiving a tax refund this year has given you enough financial security to start pursuing the Boston real estate market, please give me a call. I’d be happy to help you find a property that fits your lifestyle and budget. I look forward to hearing from you!

Ken Snyder
Keller Williams Realty Boston-Metro
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