Bathroom remodeling can become an expensive endeavor, but there are ways to update your bathroom for a fraction of the cost of a complete makeover. In fact, $500 can go a long way if you are handy and creative. Consider these options:

Replace the Bathroom Sink

You can change from a basic white pedestal sink to a colorful wall mounted one or replace a traditional one-bowl vanity with a stylish vessel sink. Add a simple laminate countertop underneath to complete the look. There are many new styles of sinks on the market that are priced from $100 to $300. A laminate countertop will cost $50 to $100.

To help reduce the costs, don't make any structural changes and reuse the faucet, if possible. 

Replace the Bathroom Faucet

If you are tired of that faded brass faucet, consider one of the many trendy finishes, such as satin nickel, antique brass or copper. Most faucets are priced from $50 to $200. If you have the skills to install it yourself, you'll save on labor. A few tips:

·           Check the hole configuration on your sink. One hole means the faucet has to be 4-inches on center, while two holes means 8-inches on center. Those are the two standard configurations.

·           Blend the finish with the rest of your room. If you have chrome towel bars, look for a gray metal finish. For brass accents, try a muted brass finish, such as an antique finish.

Replace the Showerhead

Many new models are easy to install and come with 3-5 showering options -- from a pulsating spray to a soft massaging water stream. The cost for materials? $40 to $150.

Update the Cabinetry

If your cabinetry is in poor shape, replace it with standard stock cabinetry found in most home improvement stores. By raising the height a little and adding decorative molding on the bottom of the cabinet door, you can give the standard cabinet a custom look.

The cost? You can find a 30-inch vanity for around $200. A contractor might charge you $200 to raise it, plus another $100 for the molding.

Change Your Hardware

Cabinet hardware is an inexpensive way to give your room a new lift. In the bathroom, it's easy to get whimsical with bright colored fish, bold colors, or ornate metal scrolling.

Hardware is priced from $1 to $25 per piece, so it's easy to outfit an average sized bathroom for $100 or less.

Add a Half Bath

Yes, that's right. It is possible to add a half bathroom for $500.

If you have a closet under your stairs or a pantry near the dining room, you can convert it to a bathroom. The basic components -- a sink, toilet and faucet -- can be bought for $500. You'll have to add in your own sweat equity, of course, to make it work.

"For $500, you could purchase the components to add a half bath," said Gary Uhl, director of design for American Standard, a plumbing fixtures company in Piscataway, NJ. "With a pedestal lav, a 1.6 gallon toilet and a faucet, you could convert that space under the stairs to a bathroom and install it yourself."