Putting Your Tax Refund To Work: Achieve Your Richmond Virginia Homeownership Goals This Year
Getting a tax refund? Let’s hope so! Especially, if you’re thinking of buying or selling a home this year, that tax refund can definitely work to your advantage. Here’s how!
Tax Refund Basics
For buyers: Your refund might be put to good use as a downpayment or to cover your closing costs.
For sellers: For all you prospective sellers out there, you may be motivated to do a bit of spring cleaning and home maintenance to gussy up the place before you list it.
Either way, any money you get back from your taxes can help you achieve your goals. Whether you are a buyer or a seller, using a tax refund is a typical strategy to help you get into that perfect home to purchase or sell your current home and begin a new chapter in life. SmartAsset predicts the average U.S. citizen will receive a tax refund of $1,798 for 2023. The map below illustrates a more detailed estimate by state:
If you’re one of the lucky ones getting a refund this year, I’m providing a few tips to put you on the right path as you prepare to purchase your Richmond Virginia home.
Tax Refund Tips for Richmond Virginia Buyers
There are many ways your refund check can help you as a Richmond Virginia homebuyer.
Growing your down payment – Are you behind in building your down payment nest egg? No worries! Your tax refund can jump start the process. If you already have a little nest egg, the refund will boost you a little closer to your target.
Paying for your home inspection – A home inspection can save you a lot of future headaches by helping you assess the home’s condition. Buyers are usually responsible for inspection costs, and many home buyers have found that a home inspection is worth the investment.
Saving for closing costs – When it’s time to close, you’ll be confronted with closing costs–extra expenses you’ll need to be prepared to pay. These closing costs can range anywhere between 2-5% of the home’s purchase price.
This is your short list, but to find out more about other costs you may experience as you begin your homebuying adventure, contact me, and I will guide you through every step of the process.
Tax Refund Tips for Richmond Virginia Sellers
It’s Spring…the perfect time to think about sprucing up your home if you are planning to sell. Your tax refund can help as you get your home in top condition to list. Let’s put your tax refund to good use:
Tackle small upgrades – Replacing lightbulbs, purchasing a can of paint, having your carpets cleaned, and boosting your home’s curb appeal are just a few ways your tax refund and help you make your home showcase itself.
Make repairs – Use some of your refund check to fix anything that is broken.
Supplement the cost of your next home – Whatever the reason you are selling, use your tax refund to serve as part of your down payment or closing costs.
But, don’t forget…Talk with your trusted realtor before taking on any projects. They’ll make sure you can focus on things that will help you get the most bang for your buck and receive top dollar when you sell.
Bottom Line
Funding your home purchase or sale can feel like an overwhelming task, but no need to worry or fret. Your tax refund can help you reach your goals. Let’s connect to discuss how you can start on your journey of moving to Richmond Virginia or saying goodbye to Richmond Virginia.
