One of the easiest ways to do it is simply by applying a coat of painting to your walls in these two colors. It is a fact that black and white are everything: they are classic, contemporary, retro and yet always in style. They are not going out of fashion and you can find pretty much in every decade living rooms furnished and decorated in these two famous colors.
Furniture. Before selecting the furniture make sure what style you want. It can be Traditional, Contemporary, Victorian, European and mix of two. There is no hard and fast rule of sticking to one style as you can use your own creativity to create the style of your own. Also decide the color scheme in advance as your whole efforts will go waste at the end if there is a big mismatch. Once you have decided that shop for the furniture.
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Magical Reflective Surfaces. Reflective surfaces work miracles in making a small living room grow into a larger space. If incase you have a large plain wall, you can very well add up a large mirror with some artificial light effects. This will give the most rich and spacious layout for your living room.
Another option is to begin with the furniture and coordinating paint colors with it. You may try to start with the major piece of furniture in the room or the room’s central point. Either use balancing colors or make the focal point stand out with something light around it.
If you entertain guests a lot, then I would advise you to go for sleeper sofas. They are good for small spaces but the biggest advantage of sleeper sofas is their ability to be turned into beds. If you have visitors and your space is too small for added beds, these not only save space but also money, since you will have paid for a bed and a sofa in one (2 in1).