A few totally amateur reactions: don't block the sliders - put the couch on the staircase wall and use a floor lamp instead of an end table. I can't quite figure out why you need/want beadboard in that space given that there's not a ton of blank wall space, but maybe the picture doesn't tell the whole story.

I get the white kitchen thing but wonder about your painting plans. Are the cherry cabinets in good shape? If so, could other changes (new counters and/or backsplash) help you achieve the look you want? It is apparently difficult and expensive to get a really durable finish when painting stained cabinets.

Any chance of getting pictures of the space from different angles to fully see the living room space and maybe a floor plan drawing with measurements to give you the best ideas for furniture placement. Personally I wouldn’t do the beadboard paneling. The damage to the Sheetrock if you decide to change it will be extensive (voice of experience here). I would use wood and trim to build something like this photo and that way you can adjust the height to what suits the space.

Here’s a rough drawing of the 14’ wide and 29’ long space. I’ll add a few more pics from different angles.

View from front door entry. Photo taken when we first went to see the house for sale.

I’m thinking of placing our two slipcovered 86” sofas in this same L configuration but I’m concerned about having the sofa back against the stair railing. It seems awkward like this.

Move in and live in your home for a bit before you make a decision about wainscoting. It might not be necessary and it should fit with the architecture of your home and not just be an applied decor to a room. In any event, unless this is a Cape Cod style home, the use of beadboard, might not be appropriate

SNOWDROP SW PAINT BELOW

I would select the paint color after selecting any furnishings or rug. Easier to do a match

You might decide this rug below is just what you want, but if your paint color is already selected this rug might not work.

This rug from Ballard is a particularly easy color to live with.

Maybe you'll want to use Silvermist in a Powder room.

Another perspective. This pic is from two owners ago, hence different furniture and TV placement.

@smalloldhouse - agree with your point about value of bead board given limited solid wall space, but there’re more solid walls towards front of house in entry area. We’ve used bead board in other home and love the beach cottage look.

@Teddytoo- I feel the style of trim you posted is more formal than Bead board. We have no plan to change/remove the wainscoting so are ok with its permanency. This coastal decor style is popular in our area so I think it’ll help with resale Or at least won’t hurt if done right.

The cherry cabinets are all in great condition and I’ve gotten a few quotes for spray painting them with Benjamin Moore Advance paint. I’ve researched this a lot and know it can be tricky but we really prefer white cabinets and painting them at about $3000 now allows us to defer major kitchen remodel for a few years. Eventually we will change to large island, expand wood flooring into kitchen, replace countertops, appliances and cabinets.

It will be gorgeous! Is there enough space to float your two couches with a rug in between so it is not right up against the stair wall so that there is a walkway behind the couch.

Sorry I had commented before all the newly posted stuff showed up on my screen, weird how Houzz does that on occasion. I love what The previous poster showed. I think it’s fine to put a couch on the stair wall but I might try floating the other one straight across to see how it flows. I love bead board and board and batten especially if you never plan to remove it.