Is that carpeting on the floor? Most would look for tile in a bathroom. A hardware change might help, but it may cost a few bucks to change from brass since you would have to do the shower glass trim also.

I would remove the wallpaper and carpet. Given that the brass color seems to be pretty much every fixture in the room, I'd leave it as is and work with it.

I also think I'd remove the curtain panel from the large window and put some heavily frosted window film on the lower part.

That striped wallpaper looks nice, I would just replace it with striped wallpaper with more vibrant color to it to brighten up the room. It looks dark.

Ashford Stripes has some nice paper you could use. http://totalwallcovering.com/Book/490/Ashford-Stripes.aspx

You can usually paint over wallpaper if it is properly primed. These would be my priorities, in this order:
1. Replace the carpet with tile. You'll have to tear out that little bit of tile by the shower and replace it also.
2. Paint over wallpaper.
3. Replace all brass with brushed nickel.
Carolyn Albert-Kincl, ASID

Budget allowing, the first thing I would do is yank the carpet and install a nice travertine or a large stone of some sort. Definitely keep it very neutral. On that neutral note, that should be the number one priority since it is being staged for sale and you don't want to limit your market with bold finishes. Same goes for the wall paper. If you do take the wall paper down I would be totally against putting up another striped design. Again you'll be limiting your market. I think the paper looks fine. And I'm not a big fan of wallpaper. But if you do take it down, paint the walls a nice warm neutral color with a contrasting trim color. Navajo or any ivory is always a safe bet. Polished brass is really dated so replacing the pulls would be an inexpensive yet nice improvement.

I agree with Hiline Builders Inc.

As a real estate agent, I would tell my clients in my area to do everything AMN said. Get rid of the carpet, and put in some big tile, and keep the cost down. Get rid of the wallpaper, and paint...sometimes you can texture right over it and then paint if you peel up any loose spots first. It is just that as much as I personally don't mind the wallpaper, and fully realize that it is making quite the comeback, no matter what one you put up, it would only appeal to a select few.

However, even if you put in cheap faucets and hardware, it needs changed. I can't tell you how many buyers would either walk away or automatically deduct thousands from what they would pay. You are not going to be living there and the average buyer can't tell cheaper fixtures from more expensive. I agree with Carolyn, that brushed nickel would be the way to go. If you truly want to be cheap about it, take everything off, rub it with fine sand paper, then paint it all carefully with high quality metallic spray paint. I had bright gold fixtures that were brand new in a house we bought and a hardware guy suggested painting them. I painted them the dark oil rubbed bronze and painted a bit of metallic gold as a rub through, and they are still perfect months later. I know Rockler makes a product that will instantly "age" solid brass fixtures for the same look (I was asking the hardware guy about a similar product and he said just paint them, lol.) I would especially suggest painting the metal on the shower doors and glass.

There is nothing you can do on your budget to upgrade this room enough to pull it out of the 90's so don't try. The best selling feature you have is the amount of space (and potentially the layout although I can't see it all) in this bath. There is no need for a buyer to break into other spaces or build on. Potentially they can use the existing piping but change the design elements...free standing tub, total glass shower, different finish on fittings, etc. People who look at previously owned homes know they will be faced with cosmetic changes, particularly in the kitchen and bathrooms. However, this bath seems to have a leg up on some typical remodeling costs. Take the advice of onthefence and AMN. It is what it is.

Although I kind of like the wallpaper, it is way to taste specific for resale. I would strip the wallpaper and paint the walls something like BM, Intrigue. If a potential purchaser walks into the bathroom and sees all that wallpaper that alone will turn some away. If you are able, yes, replace the carpeting as well as update the faucets, cabinet hardware and shower door to eliminate the gold since so many seem to be turned off by it.

I also meant to add that since you are planning on selling it really makes since to ask the advice of local agents. They will be happy to come over and tell you what things might be worth your time and effort to change. If you know the agent you plan to use, call him//her. If you don't know which agent you want to use ask friends and family for suggestions, then use this task as a bit of an interview. I'd be shocked if they didn't tell you that banishing the wallpaper alone was worth your while.

sense, not since...

I agree with - carpet to tile, wallpaper to none - and remove the brass. It's a great bath overall. Cosmetic is all that's needed to sell. New owners and change the brass if needed.

Thanks for all the suggestions. Really helpful and right along the lines of what I was thinking. Definitely am planning for a new tile floor..would heated floor add much value? And I have always thought the tub was kind of awkward but wonder if a new free standing tub would even be reasonable to consider at all. Faucets and pulls are no trouble but the brass on the shower window and door? It's hard to know how far to take it, and I don't want a cheap-looking fix! And then all the doorknobs are brass in the entire house.

Of course that is always the problem with any kind of partial remodel.....where does one stop? The problem with trying to update to resell is that it is very difficult to get even a dollar for dollar return on your investment. And the reality is, why on earth would you spend money that you are essentially "giving" to the next owner. I don't know what market you are in, but I'm doubtful you could recoup the cost of a new tub and all that would go with it. Get an agent (or two or three) to show you what un-remodeled but in good repair homes in your neighborhood are selling for and what remodeled homes are selling for. Then decide if you are willing to do much more than the basic paint, repair, and declutter. On the upside, if your market is as good as the Tulsa market, you have picked a fantastic time to sell.

We are in the North Fulton area of Atlanta and I really haven't looked too deeply at the market. We are a couple of years away from actually selling/moving. I did think of calling an agent I know and trust for help...really just starting to gather ideas and I knew Houzz was a good place to start. We have more updating to do than just the MB so we have to start thinking and budgeting.

My first thought was "gut it". In lieu of that, strip wallpaper and paint and lose the carpet. Unless you are willing, and can, do the work yourself, keep the updates simple. If I were buying that house, I would gut it and start over, with a large glass shower and freestanding tub, for starters. The wall that has the vanity cabinetry would become the double sink vanity and the current sink area would be all storage, which would be next to the tub. Shelving, tall cabinets to house robes and clothing would be perfect there; could be open or closed, depending on style. If you are not selling for a few years, any changes you will make now might be outdated by the time you sell. If you make the most important changes first, new flooring and paint, you can make any later changes closer to when you sell to maximize your investment, if you decide to at all. Heck, brass is coming back (I'm now gagging) so you might be golden, lol. If you change the floor, it would be wise to ditch the tub at the same time, even if you don't replace it right away. Cap the plumbing, look for the perfect tub.
Now that I noticed the date on the original post, I get to ask...what did you end up doing??