When the holidays were over, I covered the decorated tree with a large plastic bag and rolled it into my garage. There it waits for the next holiday. I can easily modify the decor or color scheme with minor changes, I can leave many decorations on the tree, including glass ornaments, by attaching them firmly.
I've done this for several years now, have even added a second full size tree, and have not encountered any problems. As so whether it takes up more storage space, the tree takes up vertical space but I'm not sure it takes up much more space than the folded up tree in a large box, and the multiple small boxes of decorations.