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Results so far:
| Yes | 55% | 159 votes | Total: 289 votes | |
| No | 45% | 130 votes |
Yes
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Add to FavoritesUntil the economy became a recession, I would have said to spend on home repair; generally, that would be the best advice, in the best of times. Besides, the word "emergency" is a pliable word that can subjective. Is it an emergency to fix something that will blossom and grow, if it is not taken care of? Or does an emergency constitute digging into a particular fund because you are short on rent?
If you can afford it now, or when our country's financial situation improves (and it will), and your home has areas that need to be fixed, then do it! So many times we say that we do not have the funds, but we must maintain what we have worked so hard to have. If a ceiling is leaking due to a sink or toilet leak, and you put off taking care of this, you could have a bigger problem, a real headache, and quite honesty, a bigger job and bigger bill than you anticipated at first! Things tend to 'snowball' and become worse, if you do not take care of them at the time.
Also, I know of a girl who always improves her home with a tax return, even if it is just one thousand dollars. She is a single homeowner and adds a tree or two one year, changes the steps or path in front of the house another, or replace gutters. She does not use it to spend on vacation because she knows that her home will be a return for her money. Yes, Donna feels that if the house is improved yearly, this can only add to the value of the house. If you wait until you have a large amount of money, you will put things off, and then repairs will cost more as will supplies for improvements, such as those Belgian blocks for the front path.
If you do have the money for home repair, that repair will be less expensive than in a few years, if you choose to wait. This will be due to not only the increase in materials and gas for truckers to ship those materials, but also for the fact that the repair needed then might expand, when put off. The arbor vitae bushes that you want to plant, to beautify your home will be more costly in a few years.
Absolutely, the tax return should be spent on the home! What better investment can you have, and what bigger return can you have on your money?
Learn more about this author, Carol Natoli.
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No
If I answer "yes" to this article, then I am sort of suggesting that home repair is the only place I should spend my tax return. There are certainly some benefits to spending your tax return on home repair, particularly if there are energy inefficiencies in your home or if you are trying to upgrade the house for eventual sale. However, you can probably spend your tax return on something else, so here are a few thoughts on where to spend the tax return.
HOME REPAIR
As mentioned, it is good to spend your tax return on home repair if it will improve your quality of life or save you money in the long run. People who have inefficient furnaces or water heaters can save money on their utility bills and get tax breaks by upgrading. If the house has leaky windows or a hole in the roof, you can save money on utilities or on future repairs. These and other genuine "repair" needs are good options for the tax return.
DEBT
Of course, some people categorize "home repair" and "home improvement" the same way. If you are spending money on the house for aesthetic reasons, then perhaps using the tax return is not the best decision. What is clear is that we have a serious consumer debt problem in this country, which means that you might think about using your tax return to pay some bills, rather than buying something new that you don't really need. This will have better financial returns in the long run, particularly if you maintain your credit and avoid more interest and late fees.
This is a bit off the beaten path, but it is a good reminder to look at the financial "big picture". If you are getting a large enough tax return that you can consider some sort of decent home repair, then it is probably time to reevaluate your exemptions. Overall, it is not sound financial practice to get a large tax return. It's nice to get that big check in the spring, but it also means that the government is getting an interest-free loan from you throughout the year. Consider readjusting your exemptions, and you may find that you have more money throughout the year for things like home repair.
Learn more about this author, Todd Pheifer.
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