I've been in the same 2BR, 2BA apartment for almost three years now, and we really like it. We're in a great spot in the complex (courtyard overlook, close to gym/pool/mail) and near downtown Franklin. We dabbled with the idea of househunting, and then decided that we'd rather settle in where we are for a while longer. That included making the guest room a more functional space.\
The problem with the guest room beforehand? Firstly, we were storing the bicycles there. We recently got a garage in our complex, so all of Dan's car and woodworking equipment, as well as the bikes, went downstairs to the garage to create more space. Woohoo! Secondly, the guest bed was not accessible from both sides, which sucks when couples stay there. Lastly, I have been doing more homework and actual work from home, so I was already in the process of creating a more functional "office" space. I had already added a wireless Canon printer (so nice!) and a Dell monitor so I can plug in both my work PC and personal Macbook for viewing.
Pay no attention to Bear ruining the photo. He likes the new bed positionnig.
For starters, we moved the guest bed and added a headboard. (Um, actually Dan did all of the work, I just did the shopping.) Doesn't that headboard make a huge difference? We bought the headboard on Overstock for under $200, with free shipping. We felt like rather than buying an expensive guest bed, adding a headboard to our cheap (like, $50) bed frame made it feel less transient-looking.
I also rearranged the bookshelf, cube shelf, and TV. Isn't it crazy how moving things around made a big difference? You can see my new Aerogarden, since I don't have a garden or sunny-enough porch to grow herbs. My parents got me a luggage rack for Christmas, by request, so now I have a great space for them to place their suitcases! I also added an IKEA napkin holder to serve as my laptop "dock" so it can be stored vertically, as well as a lamp+organizer to hold pens and things without taking desk space. The desk lamp makes a big difference in that corner when I'd rather use mostly natural light and not the overhead. (And yes, those are still the shower curtain DIY drapes that I made in 2013!)
I'm already noticing that the TV is in a better position and that we use the room a lot more often. I am more productive in here for sure! I don't do as much laptop homework or surfing from the sofa anymore (yay for iPad/iPhone) and I don't set up all my crap on the dining room table either. Everything is better-organized, which makes me really happy. We also got all of Dan's books onto a bookshelf instead of having them scattered around the apartment. I really feel like we now use all of the rooms in our apartment in a functional way.
Now, the only thing I want for the guest room is a new office chair, one that is less bulky (but butt-friendly) and does not have armrests. I've been looking at this one from Overstock. I could also probably add some kind of "art" above the guest headboard, but it's not a priority right now. I put the little bitty piece of art from Arizona above the Aerogarden, because that thing will rise up as the herbs grow, so it will help fill the space.
P.S. We just got an At Home store in Franklin, and I'm obsessed. I went the day after it opened, and I spent $150 that weekend: three gold trays, two floral accents, a tall coat rack, a candle, and a mail organizer. ALL OF IT! It's like HomeGoods on steroids. Some of it is cheesy, but it was a great way to spend a little and get a lot of stuff and benefits.