Renovating a space can be an exciting and fulfilling experience, but it can also be time-consuming and expensive. Fortunately, there are several low-maintenance renovations that you can do to enjoy your space for years to come without breaking the bank.

Paint

A fresh coat of paint can work wonders for a room. Not only is it an inexpensive way to update your space, but it also has a big impact on the overall feel of a room. Choose a colour that complements your existing decor or you can go for something bold and daring to make a statement. You can also consider painting an accent wall to add some depth and interest to the space.

Replace light fixtures

Another low-maintenance renovation that can make a big impact is updating your light fixtures. This can be as simple as replacing outdated fixtures with modern ones, or you can take it a step further and install dimmer switches to create a more relaxing ambiance. This can be especially useful in rooms like the bedroom or living room, where you might want to adjust the lighting based on your mood.

Upgrade your hardware

Upgrading your hardware is another low-maintenance renovation that can make a big difference in your space. This can be as simple as replacing old doorknobs or drawer pulls with modern ones or swapping out your old faucets for new ones. You can even consider adding some decorative hardware to make a statement.

Add some greenery

Adding some greenery to your space instantly makes it feel more alive and inviting. You can choose to add a few potted plants or even consider a vertical garden for a unique touch. If you're not great with plants, there are several low-maintenance options like succulents or air plants that require minimal care.

Upgrade your flooring

If you want a more significant renovation, upgrading your flooring can be a game-changer. Replace old carpet with hardwood or laminate flooring or even upgrade to tile in high-traffic areas like the kitchen or bathroom. Not only does this improve the look of your space, but it's also more durable and easier to clean.

Add storage solutions

Finally, adding storage solutions can help keep your space organized and clutter-free. This can be as simple as adding some shelves or hooks to your walls or investing in some furniture with built-in storage like a storage ottoman or a bed with built-in drawers. This will not only help you stay organized but can also make your space feel larger and more open.

Renovating your space doesn't have to be a daunting and time-consuming task. By focusing on low-maintenance renovations like painting, adding greenery, and adding storage solutions, you can enjoy your space for years to come without breaking the bank.

(NC) An estimated three million Canadians have one, and they have emerged as the single largest contributor to the growth of household debt in Canada.

Yet many consumers do not appear to fully understand how they work.

No, we’re not talking about credit cards or car loans. We’re talking about home equity lines of credit or HELOCs.

According to a 2019 survey by the Financial Consumer Agency of Canada, many people appear to lack awareness of the terms and conditions of this widely sold financial product, exposing them to the risk of over-borrowing, carrying debt for extended periods and uninformed decision-making.

HELOCs are a secured form of revolving credit. The lender uses your home as a guarantee that you'll pay back the money you borrow. And, as you pay your HELOC down, you can borrow it again, up to a maximum credit limit.

Most major financial institutions offer them with a mortgage as a combined product, which is sometimes called a readvanceable mortgage. Many use them for renovations, debt consolidation, vehicle purchases and day-to-day expenses.

When used responsibly, HELOCs can benefit consumers through low interest rates, convenient access to funds and flexible repayment terms.

Unfortunately, the convenient features of HELOCs can encourage consumers to add too much to their debt load.

In fact, 27 per cent of those who responded to FCAC’s survey said they make mainly interest-only payments on their HELOCs. Considering that, on average, Canadians owe about $65,000 on their HELOCs, this means many homeowners end up carrying debt for long periods.

So, if you have a home equity line of credit or are considering getting one, you need to ask yourself:

• Would a HELOC tempt you to use your home like an ATM?
• Could you still afford HELOC payments if you lose your job or interest rates go up?
• Are you prepared to stick to a plan to pay it off fully, and avoid continually borrowing against your home equity?

Those are just some of the questions to consider before borrowing money that will be secured by your home equity.