For many people, buying that perfect ‘dream’ house is just that, only a dream. Most buyers end up settling for a home that could use some renovating to bring it up to date. However, if you’re looking to make any major renovations, it is going to cost you quite a bit. You may even want to refinance your home to afford the expense. To determine what you can genuinely afford, be sure to use a house payment calculator first.

When deciding which area of your home to tackle first, you should know that in 2017, homeowners spent anywhere from $12,594 to $33,118 on a kitchen remodel, one of the most expensive renovations you can make. Home additions and bathroom remodelling can also cost you a pretty penny. At the same time, these projects can help to increase the value of your home when it is time to sell, all while making it a more enjoyable place to be while you and your family are living in it.

Kitchen

Although it is one of the most expensive renovations, a kitchen renovation is also one of the best investments, as it can increase the value of your home substantially. Before hiring a professional to come and redo the entire space, consider how you can cut renovation costs. Painting or refacing cabinets will cost much less than replacing them entirely with custom cabinets. A kitchen island can be purchased from online home retailers such as Wayfair and Overstock at a discount. You may be able to create an entirely different look by replacing outdated appliances and old tile countertops and adding a backsplash.

Laundry Room

A laundry room often lacks warmth or design, as it’s often the last place a homeowner wants to be. You can add more appeal to space by replacing the flooring with decorative tile while increasing functionality and storage space by installing cabinets, shelving, and a sink. Create warmth with real or faux plants, charming prints, and paint the walls with a calming colour like sea green, or add a fun wallpaper.

Fireplace

The fireplace can be a great focal point in your living room or den, and getting one installed is probably less expensive than you might think. If you have one already, you can update it by painting or lime washing old brick or stone. You could also add a shiplap to the surrounding wall if you’re a fan of the trendy farmhouse style. A new mantle or re-staining your current mantle can instantly create a more modern look.

Staircase

The staircase railing of older homes is typically stained with an outdated maple colour, while stairs usually have carpet that’s difficult to keep clean. Update your railing with a more modern paint colour, such as white with a dark stain accent or replace the railing entirely with custom ironwork. Remove the carpet and add wood flooring in the same colour as your stained banister. You can also get more creative by including intricate tiling.