What's your budget? And is it a wood-burning fireplace or gas? I ask because the first choice would be to replace or reface the fireplace. That pinkish tone is going to kill all the colours that are currently being used in home decor. See Maria Killam's True Colour Expert blog and search for her postings on 'pinky beige' which she (and I!) quite passionately dislike. If your budget doesn't allow reconstruction, and if you're not burning wood in it, I'd suggest painting it out with a good sealer/primer and several coats of your white trim paint.

Hi. Thank you for the response. It is a wood-burning fireplace. I will try to post an image soon. I do not think we will replace it, but my husband suggested painting it. My concern with painting it is the finish and will it be ok to then have fires in it without leaking toxic fumes?? I know this sounds a bit crazy but I have a toddler and really don't want to poison the indoor air!

The second issue I have with it is the two side walls are actually angled a bit toward the room. I wanted to build built-in bookshelves on each side, but it's becoming quite complicated with the angle of the walls. They are each about 3.5 to 4 feet in length. Any ideas/suggestions for shelving or displays? I feel right now the space is just wasted. I want to use it. Plus I have a ton of books.

Thanks!

The paint would be a fire hazard for a wood-burning fireplace so definitely don't go there! Since you may not have the budget to tear out the fireplace and do a fresh new fireplace wall incorporating built-in storage on both sides, I would recommend you do an interim solution and do the construction later when you can afford it. In the meantime, I'd use purchased bookcases that would be about 30" wide and I'd float them in the alcoves on either side of the fireplace.