I recently read this informative article by Clare Steel, Author or Home Design & Decorating.
"It's not so much that cheaper renovations have fallen out of fashion, more that people are better informed about how to improve their homes. Access to a wider range of products, plus greater variety of inspirational sources, from magazines to websites, means that the quality of finishes is improving. Of course, it's all down to your budget- cheap renovations, from simply repainting one wall of your living room to covering an old sofa with a throw, can still make a big and instant impact on a room. However the better the materials and workmanship, the better and more long- lasting the finish. If you're not planning on moving, it makes sense to invest.
There are lots of simple things you can do to a room to improve it without spending lots of money. Look at improving the focus of your rooms. Use a statement wallpaper on the main wall of a bedroom or living room - around the fireplace or behind the bed head. Or dress your bed well. It will make a room feel more welcoming.
Learning to display your best accessories well can also make a room feel smarter and more coordinated".