My husband and I are living in a small condo unit and living in a place like ours can have its own challenges. The ability to make a space multifunctional, comfortable and visually appealing are the top challenges for small apartment/unit owners like us.
But I read in a magazine one way of maximizing your space is by adding extra shelves in closets of bedrooms and creating specialized spaces. We are planning to get a rolling cabinet or somewhat look like mobile computer carts. Instead of having one giant long cabinet in the bedroom, you can split it up into smaller sections. This also helps out in designating and using these areas for specified tasks. Once you categorize stuff and organize it that way, you will realize that things become a lot less complicated and messy. I even labeled where everything goes with a Dymo label printer so I know where to put things away.
I guess maximizing space is something that depends purely on the creativity and the imagination of those who live in a particular home. The same available area can be used differently by differently individuals. All you need to do is find the right way to cut down on the unnecessary without compromising on your basic needs. Start to think out of the box and you will find many more such simple solutions.