Reupholstering a chair or sofa that you already own can be a good way to spruce up your living room on the cheap. But before you commit to this project, you have to weigh out the variables. First, research the cost of the fabric and the cost of labor to have it re-covered. Will reupholstering the piece be cheaper than buying a discount piece at a retailer like IKEA or American Signature? You may find out that buying a new piece is actually less expensive.
On the other hand, you have to consider that a discount piece won't last you very many years. So, take a good look at the one you own. Is it high quality, in good shape and likely to hold up for a long time? Is it an heirloom that you're attached to? If you've found some inexpensive (but attractive) fabric and cheap labor, then go ahead and revamp your existing piece!