Adding space to your home by finishing the basement or putting on new siding are two other upgrades that can really pay off in terms of your home's appeal and value.

For instance, adding an extra bathroom or an ensuite to a master bedroom are upgrades that add a lot to your home's appeal - with the added bonus that your family will appreciate it while you live in the home.

Have you always wanted to put in a pool ? If you plan to remain in the house for a long time then by all means do it, but if you're thinking of selling in a few years your resale value would increase more by adding a deck or putting the money into a fence or attractive landscaping instead.

In today's technologically-minded world " smart wiring " upgrades are on the upswing and home offices are becoming standard - and they're a far cry from the basic outfit of just a few years ago. Today's home office is well planned and designed, making it a place where work can actually happen.

Other trends for home remodeling projects include " smart thinking " as people find ways to reduce the amount of time spent doing chores - such as creating a bedroom level laundry room to reduce hauling laundry up and down stairs.

Home theatres and home gyms are also becoming popular additions in many homes as people choose more often to stay home rather than go out for entertainment and fitness. They're good examples also of renovations that don't have to happen all at once. The space can be planned and equipment added as money becomes available.

Other "smart" ideas are those home improvement projects that increase your home's energy efficiency.

Consider this. Simply by having proper weather stripping and caulking done on all your doors and windows could reduce your heating bill by 25 per cent . Improving the ceiling insulation can shave up to 15 per cent off your bill.

Whether you're remodeling to create your dream home, or just want to save money and get more enjoyment out of your home for the time you spend there, "smart" renovations make a lot of sense.