I needed to come up with a solution for my girls because they share a room and it's a pretty small room at that. DD#1 was sleeping in a toddler bed and starting to out grow it. DD#2 was sleeping in a crib and also out growing it. I tried a few layouts and came to the conclusion that a bunk bed was the only option. I found the Kura Bed at Ikea and did a bit of an Ikea hack on it after seeing some ideas on the Ikea Hackers website.
I think it turned out pretty good. The original bed from Ikea is blue and I wanted something more girly for the girls. We painted the bed pink first. We bought MDF boards for the sides and DH cut and painted those. I wanted the side to be higher since DD#1 is only almost 4. We got the sides up and I felt it was a bit too boxy, so I had DH cut a couple windows in it. A friend said she had heard some people made the side a chalk board, so we bought an extra piece of MDF board and made that into a chalk board with some chalk board paint. I cut some hearts on my Cricut and used a tacky glue to stick them on the bed to match the bedding. The bed is only about 4' high, so it's perfect for a younger child.