Currently, a small budget... I am a grad student. Haha! What about a rug? I love the idea of a sparkly chandelier!

Swap out the small pictures (put in hallway, perhaps?) with art or mirrors.

If you go for a rug, it needs to be 4 feet wider and longer than the table top. Use blue painter's tape and tape that out on the floor to see how it will fit. New upholstery for the chair seats would be a cheap change. Try turning the chandy white! Then add white drapes with a wide black border on the bottom hung floor to ceiling. Remove the small pix and spread out larger art.
https://www.houzz.com/magazine/divine-lighting-the-white-chandelier-stsetivw-vs~1158160

The overall red makes the room feel small. Try a lighter color with an accent wall red. The light fixture is dated. Light that shines downward on a dimmer switch will give you a better felling in the room

Also, 1/2 rods on the window with sheers would lend elegance as well

Molding! And yes larger pictures.

Lindak is right about the pictures. That was my first thought. Crown molding would be lovely too. If you keep your light fixture, I would lower it. Definitely some panels for pattern and texture. Pretty red. Love the drama!

Paint the wall around the window white. That will give a sense of openness and over come the closed off feeling of 'all red' and all walled in. Dress up your dining table with your best dinner set, silver cutlery and a silver catalibre.

Red, or a burgundy is a dynamic color, which calls for dramatic furniture or fixtures, Art Deco always seems to compliment, another option is to break up the color with a white chair rail and panels. You could possibly go further to add white or cream accents to the table and/or chairs.

I agree with decoenthuaste, white curtains would help to lighten the room. Adding crown molding would also be great. Rug would help too.

These are all great suggestions!! I've been wanting to add draperies and molding to the room!! Thanks again.