This would create depth and adds a feature to the room. For a more sophisticated gloss, you can add a clear glass panel to it which would make a great focal point in the room.

Besides the floor, walls are the largest surface that would require your attention. Badly plastered walls which are uneven and marred by electrical trunking might require replastering and repainting. This would cost you quite a bit. Consider using a false wall or gypsum board to cover the offending wall which is cheaper and faster to execute. But you may have to sacrifice 3cm of space.

Other than that, if your ceilings are not in bad shape, there would be no need to do anything to it except to paint it. There is no need for the outdated back-lit tray ceilings or triple cornices. If you really need cornices to hide your electrical trunking and cabling, use plaster instead of wood as the latter would attract termites.

With a tight budget, you must be willing to compromise when it comes to materials. Savvy substitution of materials and fittings is the key. You should not only take note of the cost of the material itself, you should also be concern about the work done to the existing floor or wall and other surfaces if such a material is to be used. E.g. if you use parquet flooring which is made of solid wood laid on clean cement screed. It would mean that the original old floor has to be hacked up. Besides that, you should also look at how long the material will last i.e. if it is expensive yet has a short lifespan then it is not necessary to splurge on it.

You could also consider doing the essentials to save money. Opt for rugs to cover up an ugly spot on the floor or a painting to hide wall marks instead of doing structural work which cost more. You can also choose to use in-house brands owned by some big firms instead of the more well-known brands to save money. Decide on the areas that concern you the most and work on them instead of trying to do everything within your limited budget.

You must also keep in mind maintenances when you decide on the finishes especially on flooring. Sometimes, the amount you pay to keep the delicate finish could be saved if you had chosen another material from the start.

Lastly, cut labour cost by avoiding finicky detailing and woodwork that has to be done by hand. Ask your designer for ready-made options with similar look instead of going for custom made.