I can see you have a more formal taste in furniture. Can you save more pics to your idea book so we can see what your taste is?

A diagram of the floor plan would also help. Hand drawn is fine.

For window coverings I’d use an s-fold sheer hung at ceiling heigh.

Hand drawn diagram. i will put together some idea books .

the red accents can go. i will need to keep the cube storage for now unfortunately. also the black corner couch stays as well .
but wanting advice on wall scones...or ceiling lights. perhaps a wall colour, and also does it need a larger rug.
interesting u suggest sfold sheers, i love them but worry about what colour would look good .

Just me , I wouldn't go with those lights you have shown -- they look 'old' but not in a classic sense IMO . I don't know what the existing lights are like , but maybe just those paintable uplights that are like an orange slice -- paint them the same as the walls , and they'll blend in but add the class of an uplight -- more subtle .

Blinds I'd probably go genuine wooden venetians -- I suspect it would suit the interior and exterior style , looks classy , the wood adds warmth while still doing the jobs required . Basically , make the blinds a feature , the lights not ( the reverse of present ) .

Even though bigreader says about your style being formal , to me the bookcase/wall unit adds the interest but also an informal element -- the walls etc are pretty safe coloured , so I'd maybe do 2 or 3 small pictures ( 30 x 30cm or similar size ) with wider black flat frames to reference the wall unit -- you can have the pictures B & W or as bright and abstract as you want ( the kids red chair shows you have a sense of whimsy , so maybe red and black art would work ? ) .

The rug works , or liven it up if you want . The fact that your cushions are black and white and classic sepia brown tends to imply you wouldn't go a red rug and cushions , but maybe you do want the change .

I would pull your soda to the edge of carpet, continue on with your fab black and white accessories, you could add a colour similar to blend in, black and white artwork, black wall lamps and fabulous planters in the corner, shutters could be an option for your windows, very stylish.

Firstly the rug should be large enough to fit under edges of couch and define the seating area. This will define it size. Then get your layout of furniture where you like it. And work out where you want lighting and artwork

2nd. Start a mood board with images and colours you like. Then look online at rugs and art to suit. Followed by cushions and other soft furnishings
Now lighting and window coverings
I have daylight roller blinds on my large windows that I pull down when needed. Some curtains may add to soften room. Once that decision is made then add plants as the final accent
Now what to do with the ironing board in your new stylish room! .

Would it be too dark if you painted the back wall a charcoal/black? I think it would look great teamed with a much larger traditional rug, with accents of black, muted gold and off white. A large timber coffee table in centre of rug, and a plant in corner next to cube shelving. Plantation shutters would look stylish and also give you the option of shutting out sun. Have fun:)

Love those plaster up lights too pottsy99, I have and use them, best value as well, around $20 from Bunnings. Your diagram helps but with added dimensions is much better. Always consider window coverings external appearance and do they match others that might be visible. Plus Internally how they look during day time and then in the evening, they can look very different.

I second Julie Herberts options, especially the second to last image. You could directly copy that cushion and throw choice as well as the rug (get a bigger one and pull the furniture away from the walls).

As for the sconces, I would go for something more updated but keeping with the classic look.

Consider wall mounted timber shelving instead of the black cabinet.

Linen drapes and some indoor plants :)