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Are you trying to sell a property, but it's stuck in a 1970s time-warp? For instance, perhaps the bathroom vanity is damaged and, although it would be a great excuse to update the whole bathroom, the cost would be prohibitive---plus a total rehab wouldn't fit in with the rest of the home. In this instance, you have to strike a good balance of blending the old with the new by installing a "timeless" vanity.

Here are some other ways to maximize your rehabbing dollars to make your properties stand out---that even interior design professionals recommend.

• Use good quality paint instead of pricey wall coverings.
• When staging a property, recover existing furniture instead of purchasing new pieces.
• Cut corners by using non-custom lighting and other fixtures that are still stylish, but still fit the property's "character."
• Use less-expensive materials on hidden surfaces (like budget shelving in a closet, etc.).
• Use remnant materials---carpet, tile, etc., for flooring when possible.
• For designing ideas, look into Internet-based or home-computer programs, or consider in-house designers at your local home-improvement stores, rather than hiring an expensive designer.
• Scour the clearance bins at home-improvement stores, shop at discount stores, and browse the Internet for affordable pricing on all rehabbing materials.

When updating on a budget, avoid pricey structural designs; use your rehab dollars wisely. Always lean toward neutral colors and classic designs to appeal to more buyers. This same "updating on a budget" advice can be used to appeal to a greater number of prospective tenants when rehabbing rental properties.

If you have any other suggestions on how to update or rehab a property on a budget, please share them with me. I'm looking forward to hearing from you.