Helping your housing hangover

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Putting Tax Dollars To Work For Your Home

With most American families receiving a tax refund of some kind this time of year, combined with the one-time economic stimulus checks being distributed between now and May from the federal government, many of us may find ourselves in the rare position of having extra cash on hand.
While many will put this infusion of funds toward paying down existing debt or may blow it on a coveted gadget or vacation, there are some who might want to take advantage of this as an opportunity to tune up your home. Though it's not the most exciting option, some choices can add value to your home, while also reducing monthly bills.

Consider these uses for that spare change you may have this spring:

Deferred Maintenance - Winter is an especially tough time of year on homes, so consider tackling that peeling paint or chipped mortar in your brick work. Keeping the elements from getting too far ahead of you and your home can save a lot of money in bigger repairs down the road.

Insurance - Sure, there's nothing more boring than home insurance, but if you haven't reviewed your policy lately, you may be underinsured. For most people, their home is their biggest asset, so be sure you protect it with an appropriate amount of coverage to replace your property, or to cover major repairs in case of a disaster.

Xeriscape - We've talked about xeriscaping, or introducing native plants, in your yard in articles past, but since Earth Day is in April, it's worth a second mention. In many climates, those lush, green lawns don't grow naturally, so instead of pumping thousands of gallons of water into the ground, consider replacing your grass with ground cover that grows naturally in your area. You can reduce your water bill by hundreds of dollars a year, and you'll feel good about reducing your environmental impact too.

Energy tune-up - Along the same lines as xeriscaping, you might want to put your tax checks to use to tweak your home's energy consumption. Leaks around windows and doors, aging insulation, old boiler systems and even dirty air filters all can increase the amount of energy it takes to heat and cool your home. A number of companies offer free or low-cost home inspections to help identify where you could shore up your home's energy profile, and by addressing some weak spots, you could realize long-term savings on those utility bills.

Of course, making home improvements is not as fun as a plasma television or a trip to Hawaii, but the return on your investment could come back to you in a big way, both in the form of lower monthly bills, but also when it's time to sell. Take care of your investment, and it will give back to you!