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5 Tips for the Best Way to Invest Your Tax Return

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5 Tips for the Best Way to Invest Your Tax Return Blog Feature
Amanda Ringler

By: Amanda Ringler on February 19th, 2020

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Do you have a check coming from Uncle Sam and you’re coming up with a plan for the best way to invest your tax return?

Home improvement projects can actually increase the value of your home. While you shouldn’t think of your home as just an investment, with limited home improvement funds it’s good to consider whether a project has a decent return on investment.

Now that you have that tax refund burning a hole in your pocket, it’s time to start planning out your projects.

RetroFoam of Michigan has been helping Michiganders invest in their homes for more than 15 years. We have compiled this list of ways to invest in your home that will give you peace of mind and save you money in the long run.

Invest in a Generator For Your Home

Generator InvestmentIf you live in an area that loses power frequently or you’re prepping for the zombie apocalypse, investing in a generator can give you peace of mind.

There are a few factors that determine the cost of installing a generator in a home. Depending on the amount of money you are looking to spend can determine the kind of generator you purchase.

Some people may opt for the portable power station, while others may decide a home backup generator better fits their needs.

Some generator brands don’t require you to purchase fuel and run off of your existing natural gas, while others require gasoline, diesel, or propane. Remember, if you decide to use a portable generator keep it outside to keep carbon monoxide out of your home.

Invest in Your Home's Curb Appeal

Replace WindowsGiving your home a facelift enhances its curb appeal while making it look nice and inviting. Sometimes a little makeover on the inside and outside can make a difference in your return on investment.

Cosmetic improvements you could make to the interior and exterior of your home include:

  • Replace the front door. The addition of a sleek-looking, new front door can boost your home’s curb appeal, as well as improve its insulation. It can also tighten up your security at the homestead.

  • Get new countertops. If you are still rocking the Formica countertops, it is time for an upgrade. Choosing granite or quartz can make even the most outdated kitchen look modern. If you have any extra cash, you could add a tile backsplash to jazz it up even more.

  • Replace windows. Replacing the windows on your home can not only earn you a solid ROI, but it can also cut down on your heating and cooling bills while getting you tax credits by choosing energy-efficient models.

Invest in Energy Star Appliances

Energy Star AppliancesAppliances make our everyday lives enjoyable and convenient, but they also make life much more expensive. The benefit of choosing Energy Star appliances is that the annual operation costs are much cheaper and save you money in the long run.

The Department of Energy promotes visualizing appliances as having two price tags: the initial upfront cost and the annual cost of actually operating the appliance.

Those much-needed appliances like refrigerators, ovens, dishwashers, and laundry machines that are relied on by homeowners can be pricey. Energy Star’s washers and refrigerators are usually about 20 percent more energy efficient than the standard. Energy Star dishwashers use nearly 50 percent less water than a dishwasher bought before 1994.

Because of those energy efficiencies, the second price tag, known as the yellow Energy Guide label, stays lower.

Invest in Home Automation

Home AutomationThe future is now.

An automation system will give you complete control of your home, from changing the temperature to locking the doors all from the comfort of your smartphone or tablet. Stop being that neighbor whose sprinkler system is on a timer and starts right after it rains.

Here are some of the technology you can invest in to make your home smarter:

  • Lighting fixtures and bulbs.
  • Energy management thermostats.
  • Safety and security cameras.
  • Water heaters.
  • Smoke and carbon monoxide detectors.
  • Window blinds.
  • Garage door openers.
  • Door locks.
  • Ovens.
  • Propane sensors.
  • Irrigation systems.

Popular automation devices include Amazon Echo and Google Home.

Invest in Your Home's Comfort

Best way to invest my tax returnInsulating your home with foam insulation will not only save you money long-term on your energy bills but will make your home much more comfortable.

Insulating your entire home using foam insulation can make a difference year-round, not only keeping you cool in the summer and warm in the winter but also saving you money on your energy bills.

You will get the best benefit, comfort, and energy savings by insulating your entire home and sealing your building envelope.

Your home acts as a system that includes the attic, walls, crawl space, and rim joist. By insulating your entire home system with foam you will receive the greatest benefits, as opposed to just one section because it all will work together. If one portion isn’t insulated, then you could still have issues with cold spots.

The Best Way to Invest Tax Return

Now that you have read through the best way to invest your tax return into your home, it’s time to take action. Decide which of these tips best suits your needs and the needs of your home.

If you’d like more information on the investment of foam insulation in your home and how it will save you money while adding comfort, give us a call at 866-900-3626. You can also find a lot of great resources in the Learning Center on our website.

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About Amanda Ringler

Amanda previously has worked as a breaking news and crime reporter, TV news producer, and editor in Flint and Detroit. Throughout her career as a journalist, she has won several awards from The Society of Professional Journalists - Detroit Chapter and the Michigan Press Association. As part of the RetroFoam of Michigan family, Amanda uses her experience as a journalist to write content that will help educate homeowners on the benefits of foam insulation. When Amanda isn’t writing, she’s spending time with her husband and rescued huskies. She also loves knitting, making art, cooking, and hosting dinner and a movie night for friends and family.