If you’re fortunate enough to get a tax refund from the government this year – there are many ways you can put it to good use when it comes to buying a new home. A little planning ahead and you can trade that refund in for a key to your brand new home!
- Use the refund toward your down payment. Most loans require a 20% down payment to avoid extra points or penalties.
- Apply it toward closing costs to keep your out of pocket expenses down.
- Take the refund and fix up part of your current home to make it more appealing to interested buyers. Put it into the big ticket rooms such as the kitchen and master bath.
- Save it to help cover the cost of moving into your new home – from movers and truck rentals to boxes and pizza for friends who help out on the big day.
- Put the money towards a home upgrade that you otherwise wouldn’t have had. Think about upgrading your flooring, countertops or appliances.
- Save it for that new piece of furniture, décor or area rug that will make your new home feel complete!
- Invest in some landscaping items such as additional plants, flowers or trees. Maybe it’s time to purchase some new yard equipment or a playset for the kids.
However you choose to use it put your tax refund to good use by planning ahead and thinking about your new home goals. A quick impulse buy may seem fun, but your new home will be a place to make treasured memories for years to come.