Check out this thread to learn everything you’d ever want to about LEDs and particularly building your own on the cheap:
I’m old school and still rocking HPS/MH here, but to be honest I’d switch to LED in a second if I didn’t have all this equipment laying around. In my veg room I’m using these 7 in 1 fixtures with dollar store 15w LEDs and they are absolutely amazing:
With the fixture, bulbs and wiring parts you shouldn’t be in for more than maybe $50 or so per fixture and they can cover a 2x2 or even more no problem.
That leaves you $125 for a bud light which I think is within range for the strips in the thread above.
A few other things to consider: LEDs will use half or less of the power, so over time that will add up. Running a 1000w on 12/12 adds like $40 bucks a month to your bill where I’m at (I believe), so saving $20/mo will add up pretty quickly. Also they’ll last for years, whereas you’ll want to replace hps bulbs roughly every year…more savings there. And lastly less heat (1000w HPS makes a TON of heat) and a more complete spectrum which will equal better product and possibly higher yields.