You'll need to deepen the wall color for the contrast you want. One overhead light is not enough for your dark corner. That is what we call "ambient" light - just a way to turn something on so you don't fall over furniture when entering in the dark. You'll need both accent and task lighting - lamps. Your current furniture is very large and is eating up this small space. Before you replace it with an equally large "suite" consider mixing it up with a pair of chairs and an apartment sized sofa. Here are some inspirations for color and a pair of chairs.

I think you should consider installing wood or laminate flooring for a more on trend look. Do this first so that you have a nice frame to place your furnishing. Keep the walls painted as they are for now while you figure out what you want to do furniture wise for the room I think you should consider where the TV will be placed so that you can have good viewing and then have the sofa placed opposite the TV. This way you can enjoy the room if tv is going to be placed here. After that the other pieces will fall into place for you. You might also consider making the mantel deeper to display the radio antique?It could be a nice focal point in the room and on the fireplace. Also I like the current color of your room....it will work while you are figuring out what goes where. Paint LAST when you have your color design established in your upholstery. No need to have 100 dollars worth of paint dictating what the sofa color will be. If you do not have funds now, then place things you have now and take your time deciding what you are going to do first. But as your walls look fine and you are not sure about furnishings then do the floor and wait for the rest as funds become available.

I am decorating my living room and I would like to know what is more popular or look better a monochrome look or introducing a pop of colour in a neutral scheme with a classic theme?

I contemplated on buying a virtual online designer package but can't afford to spend the $$ when it can be put towards furniture/decor that's needed. Any ideas are welcome..