I can only comment about the cowhide rug idea as that's my area of expertise. Cowhide are still going very strong as a design trend, they haven't been overdone in my opinion. Also cowhide rugs break all the normal rules of standard rugs because they are an organic shape. So they visually take up more room than they physically occupy. So you don't need a cowhide rug to be as large as a wool rug. They also look better on a 45 degree angle to furniture and it is OK for one or several legs to go underneath furniture as this can anchor a group of furniture. For how to clean a cowhide rug there is some great info on my website plus a video that is really interesting.

Your room does not look that large. Instead of putting another rug on top of your carpet, I'd get some quotes on replacing the carpet with something lighter if you still want to have carpet. Or, replace the carpet with wood flooring and then add an accent rug to blend. Either option goes quickly with a professional and is worth the investment. Sometimes it's worth the extra money to have someone else do the installation, especially if you're pregnant and preparing for baby's arrival. Alternatively, you may just want to wait until after you've settled in a bit with your little one. Any of the rugs you suggested on top of that carpet will create a very disconnected look. Also, keep in mind you'd need some kind of pad to keep the rug from buckling ad sliding on the existing carpet which is additional expense. If you plan to put down wood floors and want to get started on the rug now, I'd go with the 2nd red one.

I saw an almost identical rug to your picture at Ikea last week, don't know how much though sorry. They also have a chunkier weave which is very nice - 2m x 3m for $150. You could buy 2 and lay them together for a very reasonable cost. I was wafting through Ikea in Brisbane but I am sure their stores all have the same/similar stock. Hope this helps.

Suzineedsahouse, what is the era or character of the house you have moved into, because perhaps that will influence design style regardless of size? Also, if you have been knocking out walls is it likely to be more open plan?? I moved from a small 1960's era granny flat into an as-small Art Deco 1940's apartment and found I went with more classic furniture with the second place because it just suited the aesthetic of high ceilings, floorboards, wide skirting boards, fireplace, ceiling roses etc. Having said that, I live in a block of 6 apartments, and I have seen the other apartments decked out completely differently (all of similar layout), from really modern, to mid-century, also one with a real retro art vibe, and they all looked great and seemed to suit the space fine. So maybe go with your taste in the end??