(NC) With the prices of homes continuing to be on the rise, many Canadians are choosing to renovate rather than move. It's less expensive than purchasing a new house and the updates can go a long way to modernize your home, provide a more functional and comfortable space, and to increase the value of your property.

When considering renovation possibilities, it is easy to get caught up in the glitz and glamour projects, say advisors. Instead, consider new features that will increase your home's level of efficiency, such as:

• Upgrade your insulation. If you have the opportunity to open your walls up and re-insulate, considering installing stone wool insulation that will ensure your home is warm in the winter and cool in the summer. Stone wool insulation, such as Roxul's ComfortBatt, or Safe 'n' Sound, is also fire resistant; water repellent; resistant to mold, mildew, rot and bacterial growth; and is made from natural stone and recycled material.
• Upgrade your existing appliances. Consider installing energy efficient appliances and replace dated older furnaces. By simply installing new appliances you will notice a savings on your energy bills.

Reduce your water consumption by installing low-flow toilets and low-flow shower heads. This very simple and affordable upgrade will result in less water being wasted and save on costs.

Replace old windows to keep heat from escaping. Windows do have a shelf life and although it may be a large home improvement task, upgrading them will save you tons of money on energy bills. Inefficient, single-panes, in particular, should be replaced - and the money you spend on installing new windows will be recouped with each energy bill.