From young professionals snapping up condos downtown, to empty nesters looking to downsize, small-space living is catching on. And no wonder: the benefits are numerous, from lower mortgage payments to less time spent cleaning. Furnishing a smaller home can be a challenge, however. With that in mind, here are five space-saving furniture options.

Multifunctional Ottomans
        No longer just a place to prop your feet, ottomans have been enjoying a comeback as fashionable and felxible pieces of furniture. With lids that lift up to reveal hollow interiors, storage ottomans are great for stowing everything out of sight, from your media collection to your spare linens. Cube-style ottomans can be scattered throughout a room, doing double duty as extra seating or side tables wherever they're needed; bench-style ottomans are great in place of a coffee table or as seating at the foot of your bed.

Wall-Mounted Desks
        Whether you need your guest room to double as a home office or need a spot in the kitchen where the kids can do their homework while you supervise, wall-mounted desks are a revelation. Taking up no floor space and only a few feet of wall space, the work surface simply flips down when needed and folds away to free up living space. Don't underestimate the functionality of these desks: in addition to having compartments to store and organize accessories, some even have CPU holders and cord organizers.

Convertible Coffee Tables
        Do you have an occasional need for a larger work surface? Expandable coffee tables - which offer added surface area that either flips up, is inserted, or slides out - are just the ticket. Don't have room for a coffee table and dining table? Problem solved, with a convertible coffee table that's adjustable to dining height, with or without an expandable surface area. Don't have room for a desk? Opt for a lift-top coffee table: the tabletop extends up and forward, providing a convenient surface for writing or using your laptop.

Sectionals
        Sectionals are great for modestly sized spaces, as pieces can be arranged in whatever configuration suits your needs, then rearranged when needs change. Have company over? Disperse pieces throughout the room to provide seating for your guests. Watching a movie? Push the pieces together and lay down on your couch. Also beneficial, many sectionals include a corner piece, allowing you to make the most efficient use of space. For even greater space savings, look for a sectional that offers under-seat storage.

Small-Space Beds
        Gone are the days of pullout couches that leave you feeling a phantom metal bar in your back for days. Today's options are much more sophisticated, comfortable, and varied in style. Choose from: loft beds, which utilize vertical space; trundle beds; sofa beds whose backs and sides fold down to create sleeping surfaces; loveseats, chairs, ottomans, and even desks that convert to beds; and Murphy beds disguised as cabinetry (vertical or horizontal) or built into bookcases, that flip down or retract with the push of a button.