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You don't have to spend a fortune to have great decor

When it comes to home improvement trends, cheap is the new chic. From bargain hunting to making small updates that net big results, there are a host of ways to cash in on the trend and bring home big savings on your home improvements.

"The quickest way, and a cheap way, to update and change your home is with paint," said Genevieve Gorder, designer and host of HGTV's "Dear Genevieve." "For about $40, you can change the vibe of any room, and if you can use painter's tape, it's simple."

For those not comfortable with tackling the actual walls on their own, painting furniture is quick, easy and nearly foolproof. Painting outdated brass chandeliers or mismatched picture frames makes for quick and affordable solutions taking home décor from blah to beautiful. It's also an alternative for renters who may not have the luxury of tackling actual structural changes.

Using accessories is a great option to update or change your décor. They improve the look of any room, can help establish a theme that other improvements can build upon and offer instant results for the cash-strapped and chic oriented.

"Accessories help your home reflect who you are and can be changed out all the time," said Gorder. "Soft goods like throws or pillows are affordable, allow you to incorporate color and add depth, creating a room and a look that feels finished."

Incorporate five or six colors in a room that accentuate one another for variance and include both deep and subtle tones. You can even bring pattern in on small items to create texture and depth, and don't forget the floor - an area rug, either over carpet or bare floors, is another affordable way to bring in color, and create a more well rounded and elegant feel to a room.

A simple touch like adding crown molding to a room, either over a mantle or on a wall that separates rooms, is an easy update that beautifies any home.

Lighting is another key element for improving a home or simply updating a room.

"Put dimmers in. For about $30 [per room] you can change the atmosphere on any given day and at any given time," said Gorder. "And don't forget the ambience ... decorating isn't just about what a home looks like, but what it feels like as well. Decorating should encompass all five of the senses," adding that scented candles can bring in that new dimension you're looking for.

Jami Zimmerman, designer and co-founder of cheapthrillsdecor.com, agreed that the devil is in the details when it comes to saving money on home improvements, and those details lay in accessorizing a home as well as getting creative with what you already own.

She said there are some common mistakes that can turn a cash saving venture into a true cash cow. "There are some areas that you just don't skimp on. It can cost you in the long run."

Things you don't want to skimp on, according to Zimmerman, primarily lie in structural changes such as plumbing, electricity and big painting jobs - particularly when trimming is involved.

"You want a reputable contractor, plumber or electrician involved in big projects. Contractors need to be licensed and should be able to offer you references so you can inquire about their work," she said.

Zimmerman suggested checking with friends who have work done for recommendations and meeting with a designer. "Even a brief meeting can give you access to reputable sources as well as where to find the good deals on décor," she said.

Patience goes a long way to avoiding the pitfalls of snap decisions.

"Be practical. Expect to spend one to three years if you're redoing your whole house," she said. "Start small with one room or bring in small changes to several rooms - and enjoy the process."

Enjoying the process includes getting creative. Invite friends over for sanding soirees or furniture painting parties. Bring your personality to your project and enjoy the changes you are able to make.

With a little research for big changes, and a little creativity for décor updates you can beautify you can cash in on the cheap and make your home the ultimate in chic.