A faded fabric on your couch makes your entire living room look drab, which is not something anyone wants. Because coverings fade at different rates, depending upon the material and amount of use, one couch might be ready to be reupholstered after only a few years while another might go a decade or longer. The decision on when to pull the trigger is a personal one that relies largely on how long it will be before you think it needs to be re-covered.
When a couch has been damaged, incurring an unsightly stain or perhaps a rip in the fabric, it's a good idea to start thinking about getting it reupholstered, especially in the event of a tear. Torn material, like a small crack in a car windshield, is likely to get worse quickly, making the repair more expensive the longer you wait. And eyes are drawn to couch damage like magnets, marring the overall appearance of your living room. In the case of damage, acting as soon as it happens is advisable.
One of the toughest questions to answer is whether you should have an antique couch reupholstered. After all, it looks faded and probably has for the last half century. Your decision here is whether the fading of the old material detracts from the room or adds a certain air of sophistication to it. Once again, this is a personal judgment call. If you think it looks fine the way it is, by all means leave it. If not, it is time to hire a professional to restore it as close to original condition as possible.
While reupholstering furniture is certainly a skill, you could save money and gain a sense of satisfaction by completing the work yourself. Granted, you can't be blamed for not wanting to make a high-dollar piece of furniture a test piece for your budding repair skills, but it might be fun to try on a smaller, less obtrusive project. However, if you have any doubts about your motivation to reupholster that couch, call a professional.