6 Home Renovations to Save You Money


Published November 01, 2023

Last edited November 28, 2023


Opting for a home renovation is a substantial choice, as it can be both time-consuming and expensive. However, it’s worth noting that certain improvements have the potential to not only enhance your home’s long-term cost savings but also increase its resale value.

1. Fire Alarms and CO2 Monitors

Enhancing the safety of your family can be achieved by upgrading your fire alarms and carbon monoxide (CO2) monitors. We all understand the significance of having functioning smoke detectors at home, but transitioning to a hardwired fire alarm system provides even greater safety assurance. These hardwired systems offer extended longevity when compared to their battery-operated counterparts, as they rely on your home’s electrical supply, eliminating the need for battery replacements. Furthermore, they include a battery backup feature in case of power outages.

CO2 monitors, which measure carbon monoxide levels in your residence, play a critical role in alerting you to the need for improved ventilation or when CO2 levels become hazardous. Various models are available, including those that can seamlessly integrate with your smart home system, facilitating effortless monitoring of your family’s health and safety.

2. HVAC System

Improving your HVAC system not only enhances home comfort but also plays a crucial role in reducing your monthly expenses. Whether you decide to revamp your entire HVAC system or simply upgrade your thermostat, these HVAC enhancements can significantly boost energy efficiency, leading to cost savings on both hydro and gas bills. Additionally, modern HVAC systems excel in maintaining consistent indoor temperatures, ensuring that your entire household remains at the desired comfort level.


3. Security Systems

Incorporating a security system into your home is a wise decision for safeguarding both your residence and your finances. Insurance companies often view homes equipped with security systems as lower-risk properties, potentially leading to reduced premiums. Whether you’re in the process of installing a security system or already have one in place, reaching out to your insurance provider can result in lowered insurance costs. By deterring theft and break-ins, a security system not only lowers the risk of such incidents but also reduces the potential financial liabilities that your insurance company might need to cover.

4. Sump Pump

Adding a sump pump into your property is a valuable investment in safeguarding your home from water-related issues. Sump pumps effectively eliminate excess water buildup in basements or crawlspaces, mitigating the risk of flooding. Maintaining a dry basement helps you avert expensive water damage restoration, including potential foundation deterioration, mold infestations, and the ruin of flooring, walls, and furnishings. Furthermore, many real estate insurance providers extend discounts to homes equipped with sump pump installations, recognizing them as a proactive and reliable preventive measure.

5. Windows, Siding & Roof

Enhancing the exterior of your property represents a fantastic strategy for elevating its curb appeal and enhancing potential resale value, and it offers substantial long-term cost savings. Modern siding serves as a vital component in maintaining consistent indoor temperatures by preventing the escape of cold air from your air conditioning system or warm air from your furnace. Similarly, updated windows and doors contribute to energy efficiency, resulting in reduced heating and cooling expenses. When considering your roof, timely replacement is advisable to avert the need for more extensive repairs. Re-shingling your roof is an effective measure for protecting your home against leaks and water damage.

6. Electric or Gas Fireplaces

For Canadians seeking added winter warmth, the fireplace becomes a key element to consider. Opting for an electric or gas fireplace is strongly advised, not only for its coziness but also for potential cost savings on your home insurance. Unlike wood-burning alternatives, electric and gas fireplaces minimize fire hazards, consequently reducing the likelihood of insurance claims and potential premium increases.

Have you undertaken any of these renovations recently? If so, we would love to hear about your experience and what products and/or contractors you used. Tell us in the comment below or feel free to contact us to discuss privately. 

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