Fixing Up Our Old Furniture

I'm really torn between buying a new furniture or to just reupholster our old furniture. Of course I've never ventured down the road of reupholstering. So I have no idea how to do. It seems like so much work. I know people are doing it everyday, but I don't know anyone personally that has done it. It just seems like a scary task to begin. Then I had an epiphany. I decided that I would just go and buy some custom slipcovers. That way I can find the perfect color for my furniture with out all the work. Now I just have to choose that perfect color for my couch and love seat. Any ideas?