Invest Tax Refund In Fresh New Color For Your Home
“If you’re expecting to receive a nice tax refund this year, why not spend it on something nice for your home, like some fresh new interior paint color?” suggests Debbie Zimmer, design specialist with the Paint Quality Institute.
Sizeable tax refunds aren’t uncommon: In 2016, 73% of all taxpayers got money back, with the average refund exceeding $2,800. Experts expect this year’s refunds to be in the same neighborhood. So, many of us will be in a position to take up Zimmer’s suggestion.
Exactly how much painting your refund might buy depends on a variety of factors – naturally, the size of the check, but also whether you plan to hire a professional painter or do the painting yourself.
HomeAdvisor, a leading website, estimates that it usually costs between $400 and $800 to have a professional repaint a room. The exact cost is a function of many things, including the size of the room, the amount of time the project is expected to take, and the labor rates in your area.
Of course, your refund will go much further if you do the painting yourself. HomeAdvisor estimates do-it-yourself painting to cost between $200 and $300 per room, or even less if you already have the equipment — less than half what a contractor would charge.
No matter who does the painting, it’s obvious that the average tax refund can pay for quite a bit of it: Give a contractor the go-ahead and you’ll likely be able to paint three, four, or even more rooms; do your own painting and you can probably give a fresh, new look to your entire interior!
What if you’ve earmarked your refund for other purposes?
“You might still be able to do some painting,” says Zimmer, who suggests the following as effective, low-cost options that can make a big difference in the appearance of a home:
- giving some new color to the space where you spend the majority of your time;
- enhancing the appearance of the room where your company tends to gather;
- re-doing your entranceway, where visitors form their first impression of your home;
- correcting the color “mistake” you made in the past;
- painting one or more “accent walls” to add some flair to your interior.
If you do decide to invest some of your refund in new color for your home interior, Zimmer offers one last tip: “Always use top quality 100% acrylic latex paint. The color will continue to look fresh and the finish will wear well for many years to come.”