Babies come with lots of stuff (crib, changing table, rocker etc) that you will need space for in a nursery. Would you consider removing the bed and putting in a sleeper sofa?

That was my suggestion too, until Houz ate it, with all the inspiration photos included. :((

Focus on bedding and curtains when decorating for the age and gender of a child. Children can grow quickly and keeping a neutral paint color and neutral furnishings (other than as is truly needed for infants/toddlers) is a good idea, at least budget wise.

It is very likely your daughter will one day like that bed frame so ... if you can keep them (closet or attic or basement or garage or storage room/building -- or even if you need to put them under a really large bed in another room) do. Metal beds can be painted and repainted any color -- something that can change with the girls ever changing taste.

So you want to make the room a nursery with a queen bed in it? It would be helpful to see the other walls in the room. Can you switch the bed to a full size? If not, I would remove the bed frame (or get a day bed frame) and put the bed against the back wall. You can use it to lounge and nap with baby or when you need to sleep in her room overnight. That frees up the rest of the room for the crib changing table and chair. If space is tight, use the closet, which looks roomy, for a dresser and clothes, etc storage. Get the layout first. And post photos of nurseries that you like. Will you be changing the drapes? Hard to suggest paint colors without photos of what you like. Congrats on the new baby girl!

If you have another bed in another room the same size, you could increase the height of it by adding this mattress set to it between the existing set, making it easier to find a place to store the rest of the bed.

The white bedside table are already little girl perfect -- but you might want tall thin silver colored metal lamps with white shades on them.

If the chair in the corner isn't a rocking chair, you might want to swap it out for a lady sized swivel rocker recliner.

That's a nice big closet. Use it for a Murphy bed. It takes up no space in the room, unless opened for sleep and mostly likely you will not be having the baby sleeping with guests.

In the meantime, read what C & B suggests for setting up a nursery.

https://www.crateandbarrel.com/ideas-and-advice/how-to-design-nursery

When your daughter gets old enough to crawl, you can add area rugs or even a room sized rug over your hard flooring but would NOT recommend you carpet a child's room.

You might store the mirror now hung on the wall between the windows and add hang something age appropriate there. If you could frame a large piece of smooth finished plywood and hang there, you could paint and repaint it as an "accent wall", hanging anything else you want on it -- and do so without needing a major room painting project to change it as the child ages. Until you begin to learn your daughters personal likes and dislikes, you could choose fabric balloons in bright bold colors hung on a sky blue background with a few pale white happy clouds.

i think its silly to keep such a large item dominating the space when its so infrequently needed. Your daughter will be there full time. let her have her space. she is more important than a theoretical guest. guests can stay at a hotel and likely will come even less frequent while you have a small baby. it looks like a small room to begin with. I also encourage you to make it look like a childs room- none of that boring neutrality. its not for you, its for her. it doesnt have to be elegant or match the rest of the house. Use lots of colors, textures, characters, animals, etc.

Would definitely prefer a platform rocker, preferably with solid sides over the platform, rather than a curved board rocker that can mark a floor and/or pinch a baby's foot.

Judys idea of a Murphy bed is a good one and it need not even take over the closet as there are built in units and some other very creative ways of housing them, like in window seats etc. That said my original question of budget is a huge one where this is concerned as they come with a price. I have done nurseries with twin, full and queen sized beds in them so it can be done for sure but before we get your hopes up and bombard you with ideas other than the original bedding and colors a budget knowledge would be beneficial.

Thank you all for the wonderful suggestions. Here are some of my inspiration pics. I’ll try pushing the bed up against the other wall so it doesn’t dominate the room. Thoughts on painting the bed gold? I also want to do an accent wall probably in a blush pink.

I don’t have major constraints on the budget, but just want to find decor/furniture items that will fit the small space. Guests will be in-laws/parents visiting to see the little one.

IMO there is no way to combine these two uses in the space. What do you do with your child when guests come ? I love my grand kids but I don’t want to share sleeping space with a baby ever. The murphy bed is a kind of solution but not really since the baby will need its crib moved out no matter what. I would rather sleep on a sofa in the LR than this idea.

Please explain a bit more. Is the plan to use this as the baby's room most of the time? Where is she going to go when you have visitors?

I'm going to make this a nursery full time and probably figure out something else for the guests. Here is a pic of the other side of the room. Please suggest some blush pink paint color options. Thanks!

This one is Intimate White (SW) on the walls.

bring in a new fixture like this, and a cute rug and ottoman like in the pic.

Something like this one, below, would be perfect. get a little loveseat that will also fold out into a full bed. you'll still have something to sit on w/baby, but it could be used for guests in a pinch. I love the light in here, the rug, pink leather ottoman and the custom DIY shelves. all of this is very inexpensive to copy.

I like white walls and this pink animal wallpaper. (you could also do vinyl (or maybe a mural) that's less permanent.

or, do the blush walls and little gold vinyl appliqués (doesn't have to be all over like this, just in strategic spots)

love this one w/some wainscot. still like the light. soft pink drapes and rug.

I like how they did this one too

If the adult bed stays so you can sleep next to the crib, have you considered painting it white?

https://www.google.com/search?q=rustoleum+2x+white+semi+gloss&sxsrf=ACYBGNRl5LMfIlEumrITMthPhpadYEMabA:1578280995278&source=univ&tbm=shop&tbo=u&sa=X&ved=2ahUKEwi-7tDwgu7mAhXQV98KHVoBDwEQsxh6BAgOECw&biw=1326&bih=572#spd=11524882470929081104&spf=1578281002092

Eddy are you saying the bed is going now and it will be a nursery? SW Intimate white is a beautiful blush color. First and foremost before painting any type of pink I would make sure you like it near your wood trim. Pink with that tone of wood is not ideal. Have you considered painting your trim white? Also if you keep the bed I wouldnt paint it gold. The lines of the bed are not classic and TBH dated so I wouldnt invest time or money into it. If you still want a bed in the room I would consider a day bed with a trundle. That will be your least costly and most versatile option. Then once your daughter is old enough it could become her big girl bed. Here are some that would be beautiful in your space based off your inspiration photo

These could work for guests, parents that want to sleep in room with baby on occasion as well and transition into her bed once she is ready.

Here are two options the first has a day bed and crib and changing table

Second with trundle and crib

We have a 2BR condo and the need to house guests a few times a year (parents coming from overseas for extended stays). I chose to get the IKEA Hemnes daybed - it’s cute enough to go in baby’s room with some fun throw pillows, has tons of storage in the built-in drawers and can pull out to an “almost King” size bed for two guests. I figure my daughter can use it when she grows up as her real bed, and the trundle will be fun for sleepovers. Only thing is that the wheels of the trundle struggle on rugs, and we have a shag in that room, but since we won’t be needing to pull it out often it’s not a deal breaker.

I like the pink trim in one of your inspiration pics, I would paint over the wood trim with whatever pink you use on the walls.

Thank you for the sketches Decor Interior South. I think I have lots to
work with here. And Yea the trim is definitely getting painted over once my handyman shows up, I’ll probably paint or replace the closet doors too.