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Making the Most of Your Tax Return as a Homeowner

Did you get a big tax refund this year? If that’s you and you aren’t sure what to do with it, here are a few ideas for those who are homeowners.

Making the Most of Your Tax Return as a Homeowner

Put It Towards Principal

If you still have a mortgage, putting a sizable amount toward the principal balance can drastically reduce the amount that you pay over time. While it won’t lower your monthly payment (unless you refinance), it can cut off months or even years on your home loan. When you take out a mortgage, the lender assumes that you will pay it back in even payments over the life of the loan, usually 15 or 30 years. Your initial payments go toward the interest that they calculate will be due if you do take that entire time to pay off the loan. Putting extra money towards principle in the beginning means paying less in interest.

Upgrade Your Home

Getting a big tax refund check might be just what you need to put on an addition, remodel a room in your home, or update the landscaping in your backyard. When deciding if this is the right step for you, consider your overall financial picture and make sure that you don’t have other debts or obligations to take care of first. Also make sure to overestimate your remodeling budget to account for unanticipated issues that might come up. If it’s still the right time to get some new style or features, think about what can increase value to your home.

Make Needed Repairs

For those who live in older homes or homes with existing repair issues, getting a larger tax refund might be just what you need to get things back in order. Taking care of repairs as soon as possible can also save money and headaches down the road by preventing more serious (or costly) issues from developing. Consider preventative maintenance as well when deciding what to do with your tax refund.

Author Bio: Greg Sandler
Greg Sandler is a distinguished leader and strategist in the mortgage and real estate investment industry. With over two decades of experience, Greg has honed his expertise in guiding his clients to build wealth through real estate.

Greg Sandler has direct and first-hand experience as co-founder and CEO of USA Investment Group Management Inc., focusing on growing real estate holdings and diversified asset portfolios. Under Greg's guidance, the company has executed hundreds of traditional real estate acquisitions and currently manages a substantial portfolio of rental units.

Greg also has a track record of driving multi-million-dollar revenues and leading high-performing teams to success in mortgage loan originations, achieving the prestigious "Top 1% Originator" status in consecutive years. Currently steering the helm as the President at USALending.AI in Keller, TX, Greg has revitalized this division of a mortgage bank, significantly expanding the company's scale.

Prior to this, Greg's role as Senior Vice President at Fairway Independent Mortgage Corp in Rocklin, CA, was marked by his pivotal contribution in establishing the company's presence in northern California and northern Nevada. Under Greg's leadership, his team of nearly 110 dedicated mortgage professionals originated and funded approximately $800 million in residential mortgages annually.

Greg's professional journey is marked by his exceptional skills in negotiation, sales leadership, financial analysis, and P&L management. His ability to strategize, coupled with his in-depth knowledge of the mortgage and real estate sectors, makes him a visionary leader and a respected figure in the industry.

To book a call with Greg Sandler, please visit: www.calendly.com/greg-sandler

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