How to make big changes to your home on a small budget

With the housing market down, homeowners are opting to renovate their existing homes more than ever. But you don't have to spend a lot of time and money to do it.

Style Expert, Elizabeth Mayhew has 6 tips and tricks for getting it done quickly, easily, and on budget!

Mayhew says some of the most affordable and high impact changes you can make to your home involve accessorizing.

1. Lighting. According to Mayhew it's the easiest and most cost-effective way to create a new look. Overhead lighting systems are expensive and can make a room look harsh, so consider floor and table lamps set at varying heights.

2. Throw pillows and area rugs. Mayhew says both are fairly inexpensive ways to create an instant new look…dress up a neutral couch with a vibrant print.

And a new area rug instantly changes the atmosphere of a room and infuses it with warmth.

3. Mix & Match. Mayhew says to remember that your rugs, pillows and throws should be mixed and matched. Not everything has to be identical, have fun with texture and patterns, it'll really add dimension to your room.

4. Buying large pieces. According to Mayhew when purchasing large pieces like a couch stick with neutral colors that will stand the test of time.

Accent furniture goes a long way in updating your room and doesn't have to be a huge investment.

5. Window Treatments. Mayhew says window treatments add a focal point to any room. There are many beautiful and affordable options out there. Mayhew recommends hanging panels from the ceiling to add height and drama to a room. Also, consider adding decorative window hardware -- little details like these go a long way.

6. Wall color. According to Mayhew wall color is a wonderfully inexpensive way to completely makeover a room.

Keep in mind that you don't always have to paint the whole room. Sometimes painting one accent wall can make a fabulous and colorful statement… wall decals are also a great way to spruce up your walls. They come in a myriad of modern patterns and are so easy to put up!

For more makeover ideas visit your local target store or Target's website to pick up a copy Elizabeth Mayhew's new book "Flip" A room by room guide to transforming your home.