Remove everything there and replace with Roman shades. Your curtains are too short, so there’s really nothing to salvage.

While not the current style, you might consider shortening the drapes so they hang just tot eh bottom of the window frame. Maybe also modify the valence to be less full.

Sometimes we have to work with what we have until we can so something different.

Start by taking the valance down. Does that look better? Do you need a new rod now because the old one was meant to be hidden? If the curtains are too short you could use the fabric from the valance to lengthen them. Ikea is a great source for curtain rods.

Do you sew?

another vote for taking off the valences and just keeping the drapes it they can be lenthened to reach the floor. no valance will look good in my opinion. If they cant be lengthened then they need to be replaced when you can afford it.

Take the valance off and buy a black rod. Rather than adding valance fabric to the bottom of the drapes, which will look like they were to short and you tried to fix it, buy enough 1/2 inch wide grosgrain ribbon to make 6 ties at the top of each drape, use 1 yd for each tie, so 12 yards. Space each tie and sew to the top of the drape. Don’t worry about the pocket part of the drape , no one will notice. Try to get a color close to the drape color. Tie the drapes onto the rod with a square knot so the bottom of the drape just touches the floor. Leave the tie ends long and cut the ends on the diagonal so they don’t ravel. I’ve done this several times with drapes that weren’t quite long enough and always got compliments. Good luck!

So not knowing from one photo how everything is connected and constructed, I’d do the opposite of what you asked…I’d keep the valance and remove the curtain. But with the valance I’d try to flatten the fabric out if all the gathers aren’t sewn in, cut off the excess and have a smoother slightly more modern look over the current blinds. Of course, if the gathers are sewn, all bets are off and never mind.

Remove. Replace with blinds or shutters.

I have panels without valances on my windows but used a more decorative rod than the oldfashion thin white ones. Try removing the valance and see if you like the look.

I did what has been suggested in my house: remove the poufy valances. Done.

Much much better.

Take off the valance and show us what is underneath. What do the curtains look like without it.