5 Inexpensive Home Makeovers: How to Update a Room for Under $500

Remodeling and redecorating can both be extremely expensive tasks. In today's economy, most of us can't afford a $20,000 or $30,000 room remodel. However, there are plenty of ways that a home owner (or renter) can update a room in their home for less than $500 (and in many cases, significantly more.) Here are 5 basic inexpensive home makeover ideas as well as their estimated cost.

Tip 1. Rearrange the Furniture
Cost: Free

Rearranging your furniture is a no-brainer, but many people get comfortable with a layout and never think to change it. However, rearranging your furniture will make a room feel new and it may even help motivate you to get rid of any junk or clutter you've got lying around; all of which will give your room a fresh, clean and new feeling.

Tip 2. Purchase a new accent table or chair
Cost: As low as $50.00

Today, it doesn't cost much to buy a piece of accent furniture. Whether it's a new set of side tables, a coffee table or even an accent chair, you can generally get away with it for less than $200 and in some cases, you can find items for as low as $50.00. Not interested in a new piece? Consider rehashing an old piece of furniture: painting an old table a bright, funky color can really spice things up.

Tip 3. Paint the Entire Room
Cost: $100.00

Repainting an entire room is a tricky task, but repainting can really make a space feel fresh and new, even if that's the only part of the room you change. Plus, you can generally repaint a room for less than $100 (unless you've got a really large room or buy super high-quality paint; in which case you can still likely get away with it for less than $250-$400.)

Tip 4. Paint an Accent Wall
Cost: $25.00-$50.00

Not interested in repainting an entire room? Consider adding an accent wall. Adding a new color to the room can be just as effective as repainting the entire room, but it's less of a hassle and definitely something you can complete in a single afternoon. Plus, if you're working with a really tight budget, an accent wall will save you money and still look great.

Tip 5. Swap Items
Cost: Free

When you've got a little (or a lot) of various decor items around your home, you tend to forget their presence. If you're like me, you might even have a box or two of decor items stored somewhere. Take these out, swap items in rooms and mix things up. Simply moving things from one room to another can really make you feel like you've redecorated and the best part? It won't cost you a dime.