According to the National Association of Realtors' (NAR) annual "Cost vs. Value Report," the bathroom is one of the most important features potential buyers look for in a home. What's more, a recent NAR report shows that a bathroom remodel recouped 93.2 percent of the initial cost upon selling the home. 

Will Smith, celebrity interior designer, suggests that homeowners pay close attention to the bathroom mirror, paint, hardware and lighting. Each can easily and inexpensively be updated to provide a current look for a bathroom. Making over a bathroom on a budget can be easily accomplished -- without sacrificing style. According to Smith, here are some tips you can follow to successfully decorate your bathroom:

• Mirror: A frame around the mirror gives a bathroom a finished, updated look. The mirror is the focal point in the bathroom and can make a real statement with the right frame.

• Paint: A painted bathroom is a tried and true way to make a big impact with little cost. Create a spa-like setting with paints in beige and pale tones or use popular colors such as brown, aqua, olive and gold to make the bathroom stand out.

• Hardware: Match the lighting, fixtures, bath bars, knobs and switches to create a cohesive look. Brushed nickel, pewter, antique or oil rubbed bronze finishes are all good options.

• Lighting: Select a fixture with shades or sconces. Soft lighting makes more of a statement than harsh lighting. You can also contribute to the greatest focal point in the room by placing the fixture above or alongside the mirror.