Here is an example of a room design. The before picture shows a nicely designed living room. But, as you can see in the after, with some great rearranging the room really shines.
A few simple changes make the room really come alive. The loveseat is moved out of the room and replaced by a chair to highlight the fireplace and create a cozy feel. One bookcase is removed and a console table is added to add different heights to the space. The artwork is simplified above the fireplace and the too small rug is removed to allow the hardwood floors to shine. Additional artwork is added and decor is simplified and grouped for more impact.
Before you decide to completely overhaul your space consider redesigning instead. Shop your own house for items that would work better in another room. Just because you have used it in your bedroom forever doesn't mean it cannot work in your living or dining room. Play around with furniture placement to highlight existing features and make it more inviting. It really is possible to create a whole new look with what you already have.