I've worked on or for haunts at the high school, college, and professional level. I designed and built one room for a college haunted house on a very low budget. Basically you need to use darkness to your advantage. Black cloth/sheeting, dark costumes, minimal but effective lighting, etc. Don't expect to be able to build a serious multi-room haunted house on a budget though. Aim for a one room 60 second type of thing.
One super effective scare is to get a bunch of masks, like these for example: https://www.amazon.com/Design-Your-White-Face-Masks/dp/B00BAD2F0O
Hang them along both sides of a corridor where the walls are black. Use the black sheets or cloth to make the walls. Then have one person wearing one of the masks, dressed in all black, who jumps at the people walking by. The effect is easy but gets good scares. Here is a good description of this with pictures: http://mizerella.blogspot.com/2011/01/13-black-light-mask-room.html
Basically, don't expect greatness but don't let that stop you from trying. Have fun and learn from the experience. I'd love nothing more then for you to manage to make a really successful attraction and prove us all wrong.