I'm all about inexpensive updates around the house. They are far more justifiable and brag-worthy, in my opinion! Take this faux transom as an example- more light, more architectural detail, and more brownie points. See how easily it was done!
Diane at In My Own Style wanted to eliminate the negative space above her doorway, so she got one of those cheap behind-the-door mirrors from Target and jazzed it up with molding. Mounted above her doorway, it doesn't look like a cheap mirror at all! Check out her full tutorial here.