Using what you already have is a great start for any space. Here are a few ideas to add to that.An all white scheme makes the space feel more elegant. An inexpensive sofa is made richer with vibrant mis-matched pillows. A faux wall treatment is used on one wall instead of wall paper. Simple Ikea curtains do the trick. And adding contrast in the lamp shade, coffee table and accessories adds depth.
If you don't have money for art, here is a nifty idea. Buy various inexpensive medallions from the hardware store and paint them different shades of your favourite colour. I love the way the yellow is subtle against the walls and foreground. Monochromatic done well.
I'm not pushing the yellow, but it just so happens that the little yellow chair is a cast-off with some new fabric on it and it adds all the wow factor to this space! Less expensive than buying new. Ikea or other modular shelving units gives you a built-in look for a fraction of the cost.
Keep it simple. There is nothing more elegant than pairing back. If all you have are the basics, just add one or two things that you absolutely love, and the whole space will feel more comfortable and affluent.
And my favourite -just paint it out! Choose your favourite colour or colours, and use paint to remedy any furniture problems. Start with neutral soft furnishings and paint out the rest for a cohesive and elegant look.