There's many different ways to refresh a living room. The simplest way to make the space feel new is with a fresh coat of paint; even white paint will make a difference.
If you're looking for a bigger remodel, try adding architectural details with wainscoting, exposing beams, or restructuring an existing fireplace. Creating a focal point with these sort of details will make a room look instantly upscale.
Regarding furniture, like anything, you need to consider the usage and style of the room. Do you have small children? White linen couches may not be the best choice. Do you use your living room for TV watching? Perhaps a cozy sectional over straight-backed chairs would be a better bet for seating.
Finally, don't forget lighting. Spotlighting, floor lamps and side table lamps are all key to creating the correct atmosphere for a room.
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