Seven inexpensive ways to update a home now

Oftentimes, buying a home opens up a bottomless pit of opportunities for projects and improvements. While some homeowners engage in different repairs and fix-ups out of necessity, many others like to freshen-up their spaces out of personal preference instead of need. But even the most well-intentioned projects can be waylaid if budgets are tight.

What many homeowners may not realize is that there are many ways to make updates and changes to a home that do not require a major overhaul or a large price tag. The following are seven projects that won't break the bank.

1. Move around furniture. You may be able to change the look of a room without spending any money. Interior designers know how to arrange furniture for maximum appeal, but the average homeowner can do it, too. Find a focal point in the room and angle the furniture toward it. Don't make the focal point the television, however. Try changing the placement of chairs and sofas. Simply moving a curio cabinet from one corner to another may also make a difference.

2. Add lighting. Lighting at different levels in the room can create a vibrant impact. Many homeowners mistakenly put in a couple of table lamps and think that will be adequate. However, properly illuminating a room means varying the lighting to create different moods at different times. Plus, more light can make a room feel more welcoming.

3. Add new pillows or drapes. Changing a few aspects of a room can give it an entirely new look. If you want to add a splash of color but don't know what to do, think about incorporating some new throw pillows or change the curtains. An accessory here and there in a bright color also can incorporate a new hue without it being overwhelming.

4. Change knobs or small accents. Give a room a new look by focusing on the small details. Switch out cabinet knobs for something updated and modern. Take inventory of wall outlets and light switches and think about selecting new ones that coordinate with your home decor.

5. Use plants. Empty corners or spots you're not certain how to fill may benefit from a plant. Plants are inexpensive ways to add instant color and visual appeal to a room. Plus, having live plants can help improve indoor air by filtering out contaminants. A home with plants also feels more cozy.

6. Hang new wall art. It may be time to look at your photos and artwork and make a few adjustments. Finding new prints to hang could instantly change a room's ambience. And you needn't spend a lot of money on professional photography, either. Grab your camera and take a few close-up shots of flowers or take in a landscape scenery. Many of today's home printers can produce professional-quality prints in minutes.

7. Try a new coat of paint. After you've exhausted other avenues, choosing a new paint color may be the new look you desire. Painting is one of the least expensive yet most dramatic methods of changing a home's interior. With dozens of hues to choose from, and new apps that enable you to take snapshots of things in nature or in your life and match them up to a paint color, you will have scores of opportunities to explore fresh new colors for your home.

When you get inspired to make improvements to the home but fear how much it may take out of your wallet, consider inexpensive tricks that can induce a big "wow" factor.