I would say buy a pad and cover. You can get both for less than $20. Most ironing board covers you buy are made of heat resistant cotton that helps prevent scorching. Something you can't buy, or at least I've never seen it. Try to get one with a thick pad. Pads are usually made of thick felt. If you get one with a thinner felt pad you can fold a flannelette sheet or blanket under the pad(next to the board) to make it thicker

Check fabric stores for cotton quilt batting. I used two layers for my ironing board, then just covered it with muslin because I had some on hand. JoAnn's carries it. Walmart may even have it pre-packaged.

Here is a link that might be useful: cotton batting

I have the same ironing board although I think it's older. It's heavy but I love the fact you can lower it so you don't have to get up to press every time you need to.
I make my own covers. I use Warm and Natural quilt batting and cotton duck for the cover. I sew 1/2 elastic around the edges. I also use suspenders.

Thanks for the suggestions. Joann's is having a sale this weekend, I will have to go see what I can get.

I haven't made one for a long time, but in the past I have used elastic, or a drawstring, then added those little elastic things that are used to attach children's gloves to their coat sleeves.

go to miracleironing.com-they have the covers

Personally, I don't even use an ironing board anymore. I prefer to use my work table. I had my hubby use contact cement to glue a layer of cork (available at hardware stores in rolls) to the top. I've found that the cork seems to be heat/steam resistant. Not only does this give me a firm surface to press on, it also is more sturdy for putting a lot of pressure on, like when fusing interfacing. I can put all my weight on the table without worrying that it will collapse!
Also, the height is comfortable to press on while I'm seated.
I use this table for pattern altering too because I can stick pins directly into the cork to hold pattern pieces where I need them before taping together.
I did make a removable cover for this table for ironing. I just cut up an old mattress pad, used two layers with an old towel between (afterwards I realized that the heat didn't hurt the cork) and elastic on the corners to hold it to the table. You can get heat-resistant fabric and put a layer of that on the bottom if you want too.
I also cover the cork top with a layer of paper (that inexpensive table cover paper) or two and draw my gridlines on it for pattern altering. I replace the paper when it needs. I even iron on top the paper (careful with the steam, of course). The only thing the cork top isn't good for is cutting with a rotary cutter. Then I put a cutting mat over top. This table is a great multi-purpose solution.

Here is a link that might be useful: Sewing Supplies and Notions

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Here is a link that might be useful: ironing board cover