Not many people like filing their taxes, but there is a bright spot to completing all those forms: getting that sweet, sweet refund. You can use the money any way you’d like, but why not put it towards having a more financially stable future? Here are some great ways you can get the most out of your tax refund.
Whenever you come into extra money, it’s always a wise decision to pay off any existing debt you may have. Reducing your debt will help improve your credit score, which in turn will make it easier for you to be approved for a mortgage, car loan, or even a job. If you already own a home, put some of the extra cash towards paying off your mortgage. Applying extra payments toward to your debts now will allow you to save money going forward, because you’ll be paying down the principal and any interest that has accumulated. Having less debt not only gives you more financial freedom, but also more peace of mind.
Buying a home involves more than the cost of the actual house, and two such fees you will need to consider are down payment and closing costs. While it might not be necessary to have a 20% down payment anymore, you should still try to save at least 3-5%, and closing costs are typically 2-5% of the home price. Depending on the price of the home you want, this can be a sizable amount of money. If you put your refund towards your house fund and continue to add to it, you’ll soon save enough to cover all expenses of buying a house.
Another practical use for your refund is to finance home repairs or improvements. Most households have at least one feature that needs to be fixed or updated, and you’ll increase your home’s livability by making those needed repairs. Maintaining the upkeep of your home and making improvements can add to your home’s equity. The cost of the upgrade could even be tax deductible; you should speak with a tax preparer to see what you’re qualified to deduct. If it comes time to sell your home, it will only benefit you to already have everything in good shape.
It may be tempting to blow your refund check on a huge TV or an extravagant dinner, but consider investing in your financial future instead. By spending your refund on things that can make positive and lasting changes to your life, you can make your money work for you!
If you have any questions about using your tax return to purchase a home or for home improvements, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!
NFM Lending is not a Financial Adviser or Tax Consultant. Please make sure to consult your own Financial Adviser or Tax Consultant regarding the use of your personal tax refund.
Spring is a season so beautiful and favorable that your house almost sells itself. Though the temperate weather and lovely springtime blossoms makes selling a bit easier, there are many ways you can make the most of the season to show off your home to buyers. We’re letting you in on some tips for how to stage your home during spring.
When staging your home, it’s always a good idea to evoke the current season in a tasteful, unobtrusive way. Perhaps one of the easiest ways to bring spring inside is to place flowers around your home. It doesn’t matter if the flowers are fresh or fake, either type will give your home a pop of color and make it feel more inviting.
It’s hard to go wrong with florals for spring! Try tying your dining area together with a spring-patterned tablecloth or adding some inexpensive throw pillows to accent your sofa. Maybe floral patterns aren’t exactly for you. If that’s the case, you can place leafy details around the home to give rooms a lush look.
Let the sunshine in, literally! Take advantage of the longer days by allowing bright rays to shine through your windows. Be sure to clean both the inside and outside of your windows so they sparkle. Use light-colored curtains to maximize brightness by reflecting light, which will help make the room seem larger.
Consider giving a room or two a fresh coat of paint, choosing a neutral, light-toned color. Not only will this refresh your existing walls, but it will make the rooms feel more spacious and provide a blank canvas so buyers can visualize themselves living in your house.
Whenever you’re letting prospective buyers look at your home, you’ll want to declutter unneeded items and do a deep “spring cleaning” of the whole house. Clearing junk from your house will benefit you once you’re ready to move and aid in depersonalizing your space. Make sure your house is as clean as possible as not to turn off potential buyers.
In the springtime, your yard will play a significant role in attracting buyers. Take time to increase curb appeal by cleaning up any debris from fall and winter, mowing the lawn, and trimming any overgrown shrubs or trees. Add a touch of spring by putting up a pretty wreath and placing a potted plant or two by the front door to welcome visitors. Your front door should make a positive first impression to buyers; give it a new coat of paint if it’s looking dingy. Make the exterior of your house brighter by power washing to get rid of grime that may have accumulated over the past few months.
Staging will help immensely when you’re trying to sell your house, and it’s easy to incorporate seasonal elements if you’re selling during spring. Light-toned colors, springtime accents, and a tidy lawn are the key elements to make your spring staging a success.
If you have any questions or want more information about the home selling process, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!
New Year’s is an ideal time to make resolutions to hit the gym, eat healthier, and make better choices. For many homeowners, the process of making their home marketable can feel overwhelming, and the prep stage often gets put on the backburner. Why not resolve to make 2020 the year to get your home ready to go to market? Here are some ideas to get you started.
A clean home is a happy home! Use the new year as an excuse to really give your home a deep clean and get rid of unnecessary items. When your home looks clean, it gives a positive impression that you take care of your property. Along with eliminating your home’s dirt and grime, take a moment to go through your belongings and get rid of things you don’t need anymore. Try starting with one room and sift through it thoroughly. Beginning the cleaning process now will not only make your house less cluttered, but will also reduce the amount of packing to be done once your home is sold.
Despite the popularity of house flipping reality shows, many people will not be attracted to homes that need heavy repairs or upgrades. A home that needs major fixes means the buyer will have to invest even more money into the purchase, and that can make a sale less likely to happen. If you needed another reason to get problem areas fixed, improving utility issues can increase your home equity. Take action to get everything in your home in working order before it opens to prospective buyers.
The exterior of your home is the first thing buyers will see when your home is on the market. If they aren’t intrigued by the outside, they may not want to look at the inside, either. You don’t need to do any fancy landscaping, simply mowing the lawn and trimming overgrown vegetation can do wonders. Additionally, consider giving your house a fresh coat of paint if it’s looking faded.
Before you officially declare your home for sale, it’s important to find a realtor who understands your needs and can help you get the best price for your home. An experienced agent will be able to guide you through the selling stage and know how to market your home. You may have to try out a few agents before you find one that’s a good fit for your situation, but having a competent agent is well worth the search.
Figuring out how much your house is worth and how much you could potentially make from a sale can be a bit confusing. Work with your agent to perform a competitive market analysis to get an estimate of your home’s value. Once you have an idea of its value, you and your agent can discuss an ideal selling price. Finding that sweet spot for your asking price will help optimize future profits and attract buyers.
Don’t feel like you need to fulfill all these resolutions at once. Start with one and make it your goal to work your way through them. In no time, your home will be ready to show off to prospective buyers. What better way to start the new year than to make your home the best it can be!
If you have any questions or want more information about the home selling process, contact one of our licensed Mortgage Loan Originators. If you are ready to begin the home buying process, click here to get started!