When we moved into our house, it had two bedrooms. We took the larger bedroom and used the other bedroom as our guestroom after a little sprucing up.
The room was originally painted mental institution yellow with silver/gray carpet. Nice. It had one small closet.
I re-painted it a light mocha color ("museum" by Kwal Paint) and replaced the nasty carpet with saltillo tile. We also took the space of the kitchen pantry on the other side of the wall to make a larger closet for the room.
Once we added an official master suite and third bedroom on the other side of the house, our old bedroom became the guest room and this bedroom became a little studio of sorts to hold my small letterpress and paper cutter, and all the associated paper stuff that goes along with letterpress printing.
Now this room is undergoing another transformation so that it is better suited for it's new purpose in life, beginning this December. Wee! :)