You can only go so cheap with maximum quality, minimum cost fantasy… other it just becomes minimum cost fantasy… take Wolfgangs, the value for money is awesome… cabins plus food plus a game all for $65 (and less for crew)… and they still manage a few good props per game!
But Blairs comment above certainly highlights a point, if the characters at Wolfgangs weren’t as richly costumed, it just wouldn’t be the same. LARP after all, is about the people in it. Pictures from overseas, with the likes of Curious Pastimes, a large amount of the set is brought in by the players. And that adds much to the look and feel of the game.
It all comes down to what you want to achieve… and what constitutes minimum cost to you (and theres no such thing as free!)