BEND, Ore. (CNN/Money) – On the show "Trading Spaces," designers Kia Steave-Dickerson, Edward Walker and Douglas Wilson must transform rooms in 48 hours, spending no more than $1,000.

"What we do on the show and real life are different," said Walker. "On the show we try to give the impression of what the room should be or could be."

While each designer's philosophy is slightly different, all three agree that in real life it pays to take your time and put quality before quantity.

"Don't buy mediocre things to fill up your house," said Wilson. "Buy a few good pieces, and in the long run you're going to save money."

Room by room, here's where to scrimp and where to spend.

A full-blown kitchen makeover could easily cost tens of thousands of dollars, with much of that budget eaten up by new cabinetry. For this reason, you'll want to think about whether you truly need new cabinets or just want to give your old cabinets a new look. "You can paint or stencil the cabinets, or, use a router to cut out the cabinet doors and replace the center with glass," said Dickerson.

Kia Steave-Dickerson

But if you're starting from scratch, or your old cabinets are in bad shape, buy the best quality cabinets your budget permits. "Once you put money into good cabinetry, you really should be able to have those forever," said Wilson, who recommends looking for solid wood cabinets with sturdy hardware.

"In a kitchen, I like great lighting and plenty, plenty of counter space," said Dickerson. "Your counters don't have to be granite to look great. There are now laminates out there that are absolutely beautiful."

New flooring will also make a world of difference in a kitchen. Pay particular attention to finding something that won't show every spec of food and dirt, and can withstand traffic in this the busiest room in the house.

Halogen lighting is Dickerson's first choice for the kitchen, though it generally costs more than incandescent lighting. That doesn't mean you have to splurge on the most expensive halogen lights on the market. "Ikea and Home Depot both sell halogen lighting," she said.

Appliances can add thousands of dollars to a budget, particularly if you opt for high-end brands like Viking or Subzero. To that end, Wilson said he'd try to save on appliances to stick within a budget. "I'd spend a little more on a good stove and oven, but I wouldn't waste money on a fancy dishwasher," added Dickerson.

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Do you think you'll be hosting dinners for ten or two? That is the first thing to consider when shopping for a dining room table. You don't have to spend $20,000 on a dining room set, according to Dickerson. "But when you get down to the $2,000 set, though, there's a good chance you'll end up throwing it out in a few years," she said. "It's better to go without until you can afford a quality piece."

Throughout the house, a new paint color is sometimes all it takes to transform a room. When shopping for paint, however, focus on color rather than brand names. "It's not so much about the quality of the paint as it is about getting the right color," said Walker.

When it comes to the living room, all three designers agree: Buy a well-made sofa that can withstand decades of use and transcend all trends.

"Don't buy a $300 sofa and think it will last for years," said Walker. "Go ahead and buy the more expensive one, and down the road you can have it reupholstered. I'm getting ready to reupholster my sofa, which I've had for more than 12 years."

Edward Walker

Walker likens buying a couch to buying a well-made suit. Go for something classic and accessorize with the trend of the moment. "Right now there are trends like tropical monkey prints," he said. "Rather than have sofa covered in a monkey print, go for a neutral tone and have pillows made from the monkey print. Down the road you can switch out the pillows and get a new look."

Throughout the house, window treatments play a key role in design, but they have practical purposes as well. "I think you should spend money on good window treatments," said Dickerson. "They will protect your furniture and flooring (from the sun) and they act as an insulator, which means you'll save on heat and air conditioning."

Quality fabric is important, but you don't have to go to extremes. "There is no reason to spend $400 a year on curtain fabric," said Wilson.

Both Walker and Wilson said that one of the biggest challenges on "Trading Spaces" is finding a rug or carpet within the $1,000 budget. "It's hard to find great looking carpets in that budget," said Wilson, who recently installed a low-pile wool carpet in his own apartment.

"My advice is to invest in a wonderfully made carpet rather than a cheap one," said Walker.

In the bedroom and bath, pampering is key. "Too often people overlook the quality of their mattresses," said Wilson. "You spend more time in your bed than any other part of your house."

Douglas Wilson

Lighting is another element overlooked by do-it-yourself designers in the bedroom, as well as the rest of the house.

"To me, lighting really sets the mood for a room," said Walker, who recommends having many different kinds of lighting in every room, including lights next to the bed or sofa, in corners and behind plants. You don't have to spend a lot to get this look. "A 40 watt bulb in a cheap lamp is the same as a 40 watt bulb in an expensive one."

If you're giving your bathroom an overhaul, Dickerson is all for splurging on quality fixtures, including: a toilet with a "good flush," a stand-alone shower with multiple shower heads, a separate tub with at least eight jets, and a vanity with adequate counter space.

"You must also have plenty of mirrors in the bathroom," she said.

But as with the rest of the house, you shouldn't spend a fortune on bathroom accessories. Even $6,000 shower curtains, like the one hanging in the bathroom of former Tyco chief Dennis Kozlowski, start to look tired after a few years.

Editor's note: This article originally ran October 31, 2003