USE YOUR TAX REFUND ON YOUR HOME

Have you filed your taxes yet?

We know — tax season isn’t anybody’s favorite time of the year (except, of course, for tax accountants). But if you’re expecting a refund, now is a great time to reinvest that money in your home. Whether you’ll be getting a check for a few hundred dollars or a few thousand, there are great ways you can put that money to good use.

Save it for a down payment

Are you hoping to buy a home in the near future? As you probably already know, you’ll be expected to put down a down payment — anywhere from 3.5 to 20 percent or more of the purchase price. If you’re expecting a refund in the thousands of dollars, adding it to your down payment savings account is a fantastic way to get yourself closer to home ownership. And if you manage to save more than 20 percent, you’ll eliminate the need to buy mortgage insurance, saving you even more money down the line.

Pay down your mortgage

Even if you have a great rate on your mortgage loan, making an extra payment will still help you save money in the long run. By paying off more of your mortgage early, you will pay less interest over time. You’ll build equity more quickly and will own your home outright sooner. You may also be able to eliminate the cost of mortgage insurance once some of your loan has been paid off.

Purchase additional insurance

An inevitable part of owning a home is also purchasing homeowner’s insurance. This protects you from liabilities should someone get injured on your property and sue you. Unfortunately, most homeowner insurance policies are not comprehensive. By purchasing umbrella insurance, you get additional protection once your primary insurance coverage limits are reached, and as an added bonus, it also applies to your vehicles. For around $300 a year, you get about $1 million in coverage. It’s a very small price to pay for peace of mind.

Audit your home’s energy usage

Leaky windows, drafty doors and energy-hogging appliances all needlessly eat up your money. If you’d like to find ways to cut your energy costs, consider using your tax refund for a home energy audit. While there are free programs available from many local power companies who will send out a professional to look at your home and offer advice about where to make changes, the biggest bang will be to hire a private firm to do a comprehensive audit of your home. While you’ll be paying more up front, the audit is much more detailed and could potentially save you up to 30 percent on your energy bills should you decide to implement their suggestions.

Make needed home repairs

If your refund is less than $1000, perhaps one of the best ways to use it is to make some needed home repairs that you’ve been putting off. You can repaint, add some new landscaping, buy aprogrammable thermostat or finally organize your garage. The money spent will go a long way to contributing to your overall enjoyment of your home.

While it may be tempting to splurge on a big treat, spending your tax refund wisely on your home can improve your financial health for the long haul.

WHEN YOU SHOULD – AND SHOULDN’T – DIY

Are you starting to feel a little bored with your house? Are you daydreaming about making some changes? At some point, most homeowners want to spruce up their home a little bit – and may even try to handle some of those upgrades on their own. But beware – there are certain projects you can DIY, and some that you shouldn’t.

Are you starting to feel a little bored with your house? Are you daydreaming about making some changes? At some point, most homeowners want to spruce up their home a little bit – and may even try to handle some of those upgrades on their own. But beware – there are certain projects you can DIY, and some that you shouldn’t.

Go ahead and DIY these projects

If you’ve got the itch to get your hands dirty and feel a sense of accomplishment (and not to mention potentially save some money), these home improvement projects fit the bill. They can be easily done with a little bit of know-how and some elbow grease, without requiring too much expertise or special equipment.

• Paint – If you want the biggest bang for your DIY buck, this is the best place to start. Painting a room, or even an accent wall or a piece of furniture, will quickly change the energy and aesthetic in a space without too much effort or expense on your part. The key to a good paint job is preparation – be sure to fill holes and sand them, and tape and protect anything you don’t want to find splattered later.
• Update hardware – If you want to give a new look to your kitchen or bathroom cabinets, and easy DIY is to change out the hardware. All you need is a screwdriver and some time. Be sure to buy new pulls or knobs that match the existing holes.
• Change out faucets – This is a great first-time plumbing DIY that can make a dramatic difference. If you have a wrench and know where to shut off your water, you can swap out a leaky faucet or upgrade to a more functional or designer model. Don’t worry – you can totally do this on your own, and think of how good you’ll feel when you’re done!
• Install a chandelier on a dimmer – Installing a chandelier with a dimmer switch is not as hard as you think and can quickly transform your room into a cozy and inviting space. Be sure to buy special dimmable bulbs and turn the power off at the breaker box before you start.
• Replace your showerhead – Replacing a showerhead is so easy you’ll wonder why you didn’t do it sooner. You can upgrade your shower experience by installing a new model with special features like mood lights or massaging jets. You can even save money by going with a low-flow unit.

Hire a pro for these projects

Once you’ve gotten a few projects under your belt, you might feel like there isn’t any home improvement project you can’t DIY. However, there are certain things that should always be left to the pros, including:

• Knocking down walls or building a new addition.
• Repairing faulty wiring or other electrical work.
• Repairing plumbing, other than a clogged drain or replacing a faucet.
• Installing new siding.
• Replacing windows.
• Hooking up a new gas appliance.
• Installing new tile.
• Refinishing a hardwood floor.
• Repairing the roof.
• Installing a new fence.
• Anything that requires a permit, unless you are a professional. This could lead to serious problems when you try to sell later.

Once you understand what you should and shouldn’t attempt on your own, have fun! Tackling small DIY projects around your home will refresh and re-energize your space and make it feel like new again.

10-MINUTE HOME PROJECTS

You’re probably familiar with the idea that little things add up to a lot. But did you ever stop to think about how that can be applied to the upkeep of your home?

Homeowners know that one of the responsibilities of ownership is keeping up with regular maintenance and repairs. While it may sometimes feel overwhelming, there are simple, ten-minute projects that you can do that will make a huge difference in your quality of life at home. Fit them in between episodes of your favorite Netflix binge, and you’ll feel like you’re hardly putting in any effort at all. Here are some of the easiest projects to get you started.

Easy home repair projects

Sometimes it isn’t worth calling a handyman or your brother-in-law to come over and help. These are easy fixes you can complete by yourself in ten minutes or less:

• Fix a squeaky door – If you’re tired of the squeaky kitchen door alerting your spouse to your midnight snack attacks, spray some WD-40 on the hinges and open and close the door a few times to work it in. You can also try petroleum jelly.
• Sticky windows – Don’t let a hard-to-open window keep you from enjoying a nice summer breeze. Spray silicone lubricant (found at home improvement stores) onto a rag and wipe into the track of a plastic, wood or metal window frame. Dry lubricants like PTFE spraycan be used on a vinyl window.
• Silence a squeaky floor – While it’s not a permanent fix, sprinkling talcum powder into the cracks between floorboards will help to temporarily silence those noisy floors.
• Replace a broken toilet lever – First pop open the back to make sure the chain is still attached. If it’s broken, buy a replacement toilet lever kit. Don’t let these instructions worry you – it’s very simple and with the exception of going to the store to get the kit, it won’t take you more than ten minutes.

Easy home maintenance projects

If you want to avoid costly repairs due to negligence, it’s important to keep up with regular home maintenance chores. The following projects are so simple you have no excuse to put them off:

• Change the filters on your air conditioning unit and furnace to keep them running smoothly, especially in summer and winter.
• Replace batteries in smoke detectors once a year.
• Clean lint from your dryer exhaust with a long, flexible brush or a vacuum hose attachment.
• Vacuum the coils on your refrigerator once a year.
• Flush the garbage disposal in your sink once a month with a mixture of baking soda and hot water.
• Check fire extinguishers.
• Test your garage door opener regularly to make sure that it reverses automatically if there is an obstruction.
• Clean the filter on your stove’s range hood. It can get quite greasy, but cleaning it is easy.

Keeping up with the small tasks around your home will go a long way towards making sure everything stays in good working order. And when it comes time to sell, you’ll have much less to worry about. So hit the “pause” button on the remote and take ten minutes to complete one of these easy tasks. You’ll be glad you did!