Something like this may work. Note the changed door positions so that anyone in the bedrooms can visit the bathroom without disturbing anyone else in the lounge !

Photos of the room would be helpful.

Nice size, but a bit skinny! So, you need "zones." Near the balcony, perhaps a couple of small chairs and a table for the view, or a chaise with a reading lamp. Then, the sleeping area. Then some additional storage near the dressing room, if needed, and finally the bathroom.

I agree the plumbing looks sketchy i wouldn't invest a lot of money of decorative treatments if the pipes burst down the road. I would also look into your water quality it looks like you have a lot of rust stains that indicates high iron in your water which can really be hard on your plumbing and appliances. CLR is a product to improve the appearance but i would also look into Water softer as well. Stay away from natural products if your water is high iron they will stain fastest. Congratulations on the baby.