Sleeper sofas or sofa beds are perfect for people who are looking to tastefully furnish their guest room. It is usually slightly bigger than a loveseat, but smaller than a regular sofa. The big advantage that the sleeper sofa has over the regular ones is that it can retract into a bed, making for quite comfortable sleep on a decently wide mattress. Make sure that you have space to convert the sofa into the bed, which you will need up to 90" long and 60" wide for a twin bed and up to 75" wide for a full bed. It is just right for people who have very limited space, but want a similar experience to sleeping on a normal bed. A lot of sleeper sofas are twin and full with twin being a much smaller one that will fit one person. Full will fit two people fairly comfortably. However, if you have a lot of space in the room you want to put the sleeper sofa in, the queen sized one would be even better as it stretches out till 85" wide and 90" long making for a very comfortable space for two. To get the most reliable bed, invest in more expensive set made of hardwood and test beds for fluidity of the folding mechanism. If that mechanism breaks it will be very irritating pulling the bed out every time.
Futons are similar to sleeper sofas, but while sleeper sofas look like normal sofas when they are not retracted, futons have the frame and everything else exposed. That makes the material in which you choose to buy your futon in very important. Generally, if you are on a budget, a metal futon will be the right choice for you. It is very durable and can look quite good depending on the finish covering the frame. Look for matte and brushed finishes as the finishes that will complete your room. Wood is definitely more expensive, but it makes the futon look smoother and warms the room up visually. Most futons are bi-fold, which means the cushion folds right in the middle when not retracted. Modern futons have rails and other clever systems to make the unfolding easily accessible for anybody. Other futons fold in three places and work very similarly while covering slightly more of the frame. Now let's talk about the comfort that futon mattresses bring. Futon mattresses have come a long way from simple cotton filled ones and are now mostly filled with cotton and foam for maximum comfort and durability. They are light, durable, soft and offer decent back support. If you are looking to replicate the sleeping experience of an actual bed set, then mattresses with springs is your best bet. They are usually more expensive and heavier than the cotton/foam ones, but they are noticeably more comfortable.