If you're thinking of renovating your home, you're in good company. According to recent studies, Canadians spent a record of $67.8 billion in home renovation in 2014 - an increase of 2.7% from 2013. While many homeowners are opting for major home alterations, there are many things you can do to update your home without breaking the bank. Below are ten ideas to get you started.

1. Give your kitchen a facelift

Revitalize an old kitchen by replacing your sink hardware and cabinet knobs. For an even more dramatic update, refinish or reface cabinets. Replace old lighting with brighter, energy-efficient bulbs.

2. A better bathroom

Updating a bathroom is easy and inexpensive; simple upgrades like a new toilet or sink can make a big difference. Re-grout the shower and floor, and replace any broken floor tiles.

3. Carpet cleaning

Consider a professional carpet cleaning before covering or removing old carpeting. If your carpet is very dirty or worn, cover it with a few inexpensive rugs.

4. Paint

A new coat of paint on the walls and ceilings will instantly freshen up your home. You can also repaint or refinish your front and garage doors.

5. Change light fixtures

Enhance your interior decor with chandeliers, ceiling fixtures, and accent lighting. Spotlights and wall sconces are a great way to highlight photos or artwork. For under $100, a few new light fixtures can transform the ambiance of your home.

6. Boost your curb appeal

Invest in some basic landscaping to improve the exterior look of your home. A lush, mowed lawn and a few strategically-placed shrubs will not only look great but increase your privacy as well. Planting trees in the right spots can also help keep your house cool during summer and warm in winter, lowering your energy bills year-round.

7. Update door hardware

New doorknobs, hinges, and handles are easy to install and make a huge difference in your home's interior design. Replacing your door hardware is an inexpensive upgrade that can be done in an afternoon.

8. The magic of mirrors

Hang more mirrors to make your home appear more spacious. Mirrors hung at eye level will increase the amount of light reflecting throughout the house.

9. Crown molding and trim

Crown moldings and trim accents instantly add charm to any room. Consider adding a door, baseboard, and other trim accents to give your home a more updated look.

10. Install ceiling fans

Ceiling fans aren't just attractive; they also help improve airflow throughout the home. Ceiling fans help you save energy by circulating cool air throughout the house during summer, and warm air during winter. For maximum energy savings, choose an ENERGY STAR certified ceiling fan.