Your fireplace is one of your home's major focal points.  Updating it can transform a room or the feel of your entire home.  It is a high impact project that can be completed on a small budget.

The simplest and least expensive update is to paint the fireplace.  Pick a color that is close to your wall color if you are trying to make the fireplace less dominate.  Pick a contrasting color if you want it to stand out.  Painting supplies run $50 or so if you visit your paint or remodeling store, online paint kits run about $200.

You can replace an outdated or inexpensive mantel with a new cast stone mantel for as little as $300.  Add a hearthstone for $200 to $300.

Complete cast stone fireplace surrounds consisting or a mantel, legs, and a hearth start around $1,000.  Beefier and more elaborate surrounds run $2,000 to $3,500.  They can be installed over existing brick or drywall over the existing brick and add the surround for a completely new look.