Some home upgrades are very cost effective

Much like its owners, a home needs a makeover from time to time. But when people think about remodeling their homes, they often cringe in fear of high renovation costs.

"It is possible to do renovation work on a budget," said Jim McEneaney, senior regional vice president, Coldwell Banker Residential Brokerage. "Your Realtor can be one of the sources to assist you in understanding the varying degrees of impact a specific renovation can have on the value of your property, so you can get the most return on your investment."

Frugal homeowners should consider the following advice:

• Make like Picasso. Paint can cost less than $30 a gallon and by applying the right colors for your space, can change the way an entire room is perceived. Classic white and beige are available in a range of shades today to create a fresh canvas that brightens a room.

• Work the land. With just $1,000 a homeowner can repair a lawn in disarray, plant some fast-growing trees or trim some of that overgrown shrubbery. Taking a minimalist approach to shape-up a home's exterior will put the entire property in the best light.

• Pull up that carpet. While most renovations include adding something to your existing home, removing carpet to expose hardwood floors can be a wonderful and revealing look at the home you bought so long ago. Talk to a professional to make sure you have the type of floors that will shine when "disrobed."

• Maintenance means money. The best thing a homeowner can do to maintain value is keeping the property in good repair. Updating electrical appliances, roofing and plumbing systems when necessary and maintaining siding, windows and walkways over your life in the home are expenses that will pay you back at selling time. Full-service brokerages often maintain lists of recommended, local service professionals.