what is your budget?

I think it is lovely. I believe it is what you put in a room and how you dress it. It needs drapes and some lighting. Have you got some big modern artwork and big mirrors. If you do decide to paint, paint it a soft grey green, looks awesome with wood. Some pics for inspiration, I wouldn't do anything until you put your things in there and live with it.

Guilford green, is a nice colour, for walls, not the woodwork

small paint accents to contrast that beautiful wood- paint the mantel shelf peice a shade of white, window trim and french doors too. New dining room chandelier. We bought an open concept living room kitchen great room (en vogue now but passe later?!) which you could -depending on whats in kichen on the adjoining wall- make by *removing the top panels of the kitchen wall and putting in a stone counter w stools for seating- goodluck post updates!

I think it's lovely too. I agree, don't paint! It's very MCM, and I think it will look fantastic with modern furniture and abstract art.

I would paint if you are sticking with Traditional décor, but leave the wood if going the modern look. I think it would look very current with some hip furniture , light fixtures and contemporary art work. Remove carpet and go hardwood.

Removing the carpeting and installing beautiful tile flooring ( marble, granite whatever your taste may be ) would be the first thing I would do. Of course contemporary furniture along with the tile flooring will transform your space completely.

Kelley Dockrey, I haven't set a budget yet...I wanted to move into the space and live with it for a while before I made any major changes. I do however, have a healthy amount of money to spend on the total renovation of the home. Every room needs updating. I'm thinking about taking down the wall that separates the living room from the kitchen, but once again I struggle with removing any of the wood. Once it's gone it's gone. What are your thoughts about the room overall? Thanks in advance for your help!

Someone above mentioned Mid-Century Modern furnishings and I have to say that was my first thought on seeing your photos. The clean lines and bright colors of MCM would fit perfectly with the wood surround.

I love your suggestion of using the color Guilford Green! That might work very well. Thank you for the recommendation.

I would recommend removing the carpet and changing the tile in the space right next to the carpet. You can find really nice wide plank wood floor that will still keep the charm but modernize the space.