Congratulations on your first home! It is beautiful!

Some questions that come to mind. Is this your only living room? Will you be putting a TV in this room?

There seems to be a lot of lighting coming in from the windows. I think this is great and allows you more options for color on the walls.

As far as a couch,, Lester doesn't usually fair up well with pets in my opinion. Consider the dark floors in selecting a color - lighter might be best.

Congrats on your first home! I just want to mention you said you wanted to keep the looming, which I agree it's lovely. When it comes to taking down walls though there is usually an issue with the flooring not being under the wall, so then you need to match it, which isn't easy. Products and colours change all the time.
To start with I suggest finding yourself a good furniture arrangement. It's best to plan it out, to give you an idea of what size of furniture to buy. Furniture showrooms are so large, it's really hard to judge when you're there. There are apps that can do this for you, and they're fun to use as well.
The TV could go on the wall beside mantle. Don't put it over the fp, it'll be the same height as the half moon windows and way to high. If you plan on an area rug, it's a good place to start establishing a colour scheme using the colours from it.
Picking wall colour should come last, as it's easier to find a paint to complement everything else, than the other way around.

Thank you so much for your tips! It really helps but yeah a TV will be put in the living room and it is the only living room.

Hey there.

I have a series of blog posts that may help you out.

www.timothyriversinteriors.com/blog

Happy Designing!