5 tips to decorate your home like a rich person, when your bank account is anything but

2. Or try a high-quality accent piece

Furniture doesn't always need to be the big investment, says Farmer, especially if you already own an older or inexpensive piece you want to keep. Buying high-quality accent pieces, like pillows and throw blankets, can elevate the overall look of a room, too.

"Sometimes, that $200 lumbar pillow makes your thrift store find of a lounge chair seem like it was ripped out of the pages of the latest design magazine," she said.

Ultimately, "it's more about the mix of high and low and buying the best quality that your budget can allow," Farmer says.

3. Get a good paint job

According to Farmer, "a good paint job goes a long way."

She says it's an "inexpensive way to add drama and glamour to a space," without breaking the bank. "Life is too short to live in a white box (unless it's intentional to the design of course!)."

4. Layer textures

Farmer is a big proponent of layering textures and materials in the home, just like you would layer clothing.

"One way to make your home appear rich and luxurious is to make sure you're incorporating a variety of materials," she said. "So go ahead and add in a faux fur throw on that velvet sofa of yours."

5. Avoid matching

It's easy to get caught up in matching everything in a room, whether it's color, texture, material, or pattern. Farmer says if you want your home to appear rich, "scratch that notion all together."

"The most chic interiors often juxtapose different furniture (think: Louis XV chairs around a Saarinen table), textiles (think: a leather pouf on a Moroccan style rug), and finishes (think: mixed metals and faux shagreen accents).