Have you seen this blog?
A couple from Richmond, Virginia started a blog after they moved into a 54 year old house and began sprucing it up room by room. Some rooms have been overhauled more than others. But, this couple has an incredible taste and have been able to do some pretty drastic things to their house on a budget. They did all of the work themselves and have a link on their website explaining 'how to'.
Here are some before & after shots of a few of the rooms. Go here to see more photos of their cute home!