Nursery that will turn into older child's room

If you are going to be at your current house for the long run, then you might consider non-permanent decorating when first getting the nursery together. Of course it's exciting to get the baby's room ready and decorated just right, but try not to use too many permanent items. You can get a great looking nursery with a flexible design that will easily transition into a toddler's and later an older child's room.
Use removable wall stickers and keep the wall colors light so they can be easily painted over. Also, don't go overboard with the furniture and just stick to the basics, once your child is a toddler you can start stocking the room with new dressers and shelves that reflect his style.
If you buy a convertible crib that later becomes a toddler bed, try to get it in a light wood color or white, this way it can be painted later to match the room decor you and your older child will decide on.