For me it would depend on the quality of the current furniture. If it is well built under the upholstery with solid frames, good springs and finishing techniques, then I would buy a sewing machine that is capable of handling an upholstery job, which most will if you use common sense in your fabric choice - no leather, vinyl, or heavy canvas - and recover it myself and make my husband help me; all the while telling him how smart he was to not let me waste money on new furniture we didn't need. But then, I'm evil like that.