Congrats on your dream home and your big family. Chosing fabric furnitures that have been treated with nowet1 are just as practical as leather furnitures. I would chose a sofa with a chaise to place agains the wall and two across from is in front of the winodwe. be carefull not to press the furnitures out to the corners. brown ore beige furnitures would look great if your not interested in changing the wall color.

I would add some big white or beige sheer curtains to make the room more cozy.

An ottoman with a trey on would be very practicel with a house with kids. Having small square ottomans would also be easy to pull out for extra seating and to play on for kids, when they are a bit older.

Adding a big TV console as a focus point for a big tv and a firplace. chose a peace of furnitures with cabinets for practical cleaning. Adding a electrical fireheater or a bio fireplace would be an easy instilation. Visit IKEA.com to look for cheap furnitures, Overstuck.com and off course house for classic and traditional furnitures.

Lighting is essential in a room, place some table lamps and floor lamps, as you have lighting in the celing. painting old lamps and just adding new screen is a fun and cheap colution. Visit Pinterest for furniture DIY projects. IKEA also have some amacing art decor and lighting.

Buy some canvases and and paint in colors to mach the room and make your children the artist of the art thats is going to hang in your room.

Add some art decor you like.

Play around with some pillows (if with pattorn , choose big patterns - not small) in a fabrick or and some colors you like. I would advice you to make a reno weekend and not led it drag out. You will love the feeling of beeing given a new complete room. Please upload fotos later on in the process and Good luck.

What I suggest is to look through photos on Houzz and find a room that you and your significant other both totally love. Then copy that room.

Best wishes!