If you hear the words "home renovation" and immediately conjure up dollar signs, you're not alone. Some homeowners scoff at performing home renovations for fear that the costs are too exorbitant. Luckily, there are five ways you can revamp your space without breaking the bank.

Refresh the room with paint. Sometimes the best way to change a room is by picking up a can of paint. You can give your washed-out walls a burst of color and make the room appear larger.

Change the backsplash. Swapping out a dated backsplash can make your kitchen feel new again. Depending on your budget, you can find an option that works for you, whether that includes tile, glass, stone, or ceramic.

Swap out window treatments. New fabric can give your room a facelift and provide a way to hide older windows if that's something you can't afford to replace just yet. You can either find sew-it-yourself options or purchase panels to add, and you can reuse rods and rings to save more money.

Replace hardware. Your kitchen and bathroom cabinets can get a modern-day makeover simply by changing out the hardware. Pick different styles from the same family or mix-and-match for a more eclectic look.

Add crown molding. Crown molding is a very easy way to add value and depth to your home. Use a polystyrene foam coated in hard plaster to upgrade a plain room into an elegant space.

Renovating your home doesn't need to be a costly affair. As a bonus, you can also complete many of these projects over the weekend. Simply head to your local home improvement store to gather a few supplies, and you'll be on your way to a whole new home.

Sources: Bestlifeonline.com, Thisoldhouse.com, BHG.com