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What to Do With Your Tax Refund: Turn Your Refund Into Equity

What can you do with your tax refund this year? Invest it in a new home or in your current home! Check out a couple of ideas.

It’s tax time! For many, that means a little extra cash in the hopper. According to the IRS, the average tax refund in 2015 was around $3,120. That’s quite the chunk of change!

Odds are you can feel your tax refund burning a hole in your pocket already, but without planning, that personal stimulus can be spent in an afternoon.

The alternative is to take a measured approach and plan to make your money work for you long-term in a way that a new outfit cannot. Here are just a couple ideas to get you started!

Home Improvement

Making home improvements can be a massive undertaking – especially if you’re a do it yourself novice like me. The key is to focus on projects that will add value to your home without breaking the bank. And while a complete kitchen remodel would be nice, it may not be attainable with a tax refund.

Replacing your front door is a small project that can yield some savings on your monthly energy bill. In addition to providing a more efficient seal to your home’s most often-trafficked entry, a new door can add to your home’s curb appeal, which is an added bonus in addition to your energy savings.

You could also use your tax refund to invest in some energy efficient appliances, which will save you money in the long term.

If you have an older manufactured home, updating your home with vinyl siding can freshen your home’s appearance and has up to an estimated 70% return on investment.

Home Down Payment

The 6428 Enterprise model by Schult

Anyone who’s bought a home knows a home loan down payment can be a hurdle to finding financing. While there are no set requirements for the loan down payment, most lenders will expect a sizeable amount.

No matter how much money you plan to put down toward your dream home, a tax refund can provide a huge boost to the amount you have saved.

Or, if you haven’t started saving yet, you can put your tax refund amount toward starting that down payment fund. Consider it an incentive to start shopping around for a home within your budget!

Finding Your Dream Home

If you do use your tax refund toward a new home, looking at the manufactured and modular homes that Clayton offers is a great place to start!

Clayton offers a variety of manufactured housing options to fit any budget and lifestyle. In addition to energy efficient designs, Clayton has many customizable options, features and upgrades to help you create the home of your dreams.

The 43IMP45733AM model by SEhomes

You can even use your tax refund toward your home deposit if you’re already shopping around for a new manufactured home and have found a home you love.

Find your local Clayton home center today and meet with one of our expert home consultants to find out how you can achieve your goal of homeownership!

Home Answers

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