I'm not sure if that is your furniture, but the space itself is pretty up to date. the lamps, bedding and perhaps the pastel could be updated. IF this is not your furniture, then I would say, yes paint the walls before you move in bare in mind most old farmhouses didn't have wall to wall carpet but carpet is also cozy so I think the result here would come mostly from the items you put in the room.

Put some pictures in your ideabook.

I love the colors of the walls. It isnt the room, that needs updating, it is the furniture and in particular, the bedding. The shelf above the bed dates it, as does the shape of the mirror on the wall. I cant see draperies and the rest of it.

Is this your furniture? If not, Then the space itself is quite nice and spacious. I actually like the paint color, but if you don’t, a creamy white would work.

I like the wall color, remove that shelf above the headboard and the fake plant , maybe a new bedskirt in a plain color with maybe a print coverlet. For sure a new light.