I do not think your gold paneling looks good with your brick. I like green with brick and I made this image

Idk because photos show such variation - which is the most accurate?!

I think I would like to see white painted ceiling and all the trim. Charcoal (not quite black) painted brick work. Nice thick white mantle/maybe grey. A hint of grey on the walls and deeper grey built in to the right of the fireplace. Paint shelves to the left same grey as built in with an indoor firewood organizer below. Just an idea! I think it would look great with a polished concrete floor.

You need to take out the shelves on right of FP and put your TV there. In fact take them out on the left side also.

The room is nice and large and appears to have great "bones" .
The off center ceiling beam dictates an asymmetrical and informal feel for the space. I have attached some photos of ideas (Briers on 4th in Vancouver) of wood tones and furnishings to update the space.
If you want a wood burning insert, do you meet a gas closed in insert with a log set and embers?
You might want to cover the entire fireplace opening up to height of the bottom of shelves on the entire wall.
You can use a large format concrete look tile.
Top with a thick shelf. This will prevent over heating the TV
And help with wire maintenance. I need to study your photos and draw a sketch but at this point that's my suggestion. It will be a very cool space.

From the images it looks like you've got yourself a really nice little place, with lots of interior decor potential. Have you considered a mosaic alternative for the floors and the fireplace? Marble mosaic rugs are pretty durable (can withstand all types of weather conditions) and they look splendid. Another plus is that you can virtually get any design and color scheme of your choice thanks to the versatility of mosaic as an art form. Here are some of our intricately handcrafted marble mosaic carpet and medallion projects in case you're interested:

Marble Mosaic Rugs & Medallions · More Info

Marble & Glass Mosaic Borders · More Info

Marble & Glass Mosaic Borders · More Info

Marble Mosaic Fireplace mantels · More Info

Here are the pics from the realtors site from when we purchased the home. Obviously none of the furniture is current;y there now - just thought you'd appreciate the professional

Sorry for the typos and repeat - I could not edit on my Iphone App. Try to do my advice on PC.

Glad you are tackling this project. It will take some time. If you have a very firm idea of what you want it to look like then it will cost less - you can take advantage of sales, clear-outs and even find things for free to repurpose. But this step is important.

Here is what you said your message is:

"It makes the room feel warm and kind of like a lodge. It just seems old.. I want and updated look but can't part with paneling ..." It should be a more casual room, inviting, and I like some playfulness and whimsy. "

This is your message. Casual, inviting and playfulness and whimsy Now look for ideas and post the to an idea book. Eliminate what is not conveying that message. I have seen those hanging light fixtures go for over $1000 - if its a good one you can start with it as a focal point.

If not the space would be improved with light and airy lighting alone.

Look at work that is Eco Chic and www.magnolia.com. HGTV Fixer Upper for ideas. What State is your home in?

Take out the shelves and put TV there. Hang art, clock over FP, add a picture on rt of FP If you leave the shelves on left of FP, clear them out and re-organize. Less is best.

Yes! I had suggested a large format concrete look tile -read my earlier 1st message. Look at Houzz newsletter yesterday I posted - and it talks about the trend of large format tile. I also see that you should definitely use those angles in the room ie the windows and the roof line and put the furniture on a diagonal. The room needs a good conversation area to define it - its so big. Center it right under the chandelier.

Get some pops of color going. Combine white wood and any color do you like. You should invest in the fire place surround for sure. How much do you have to spend? It sounds like with your needs and wants your are going to spend some money.

https://www.houzz.com/magazine/25-design-trends-coming-to-homes-near-you-in-2016-stsetivw-vs~58454857

What if you put the t.v. on the wall opposite the fireplace? At the other end of the room? Then created two separate seating areas, one around the fireplace and one around the t.v.? Your room seems large enough to handle that.

I have polished concrete floors and love them. Definitely get several bids. I wouldn't paint or reface the fireplace until you're done with the floors as they will completely change the look of the space. I don't know the technical details but have you considered removing the baseboard heaters and installing heated floors? Definitely worthwhile if you're pouring new concrete on top.

Nice! You'll love the concrete floors. I polished my existing floor so I wasn't able to add heat. What color are you doing on the floors. I would choose something light. It will brighten and update the room while keeping the original elements.

At first I was thinking a white epoxy because the room does need to be lightened up, but I'm worried it may look too modern and sterile. So I think it may be a light grey, kind of what you imagine when you think of concrete.

You have a love mcm room! I would clean the fireplace brick and then clean and polish the wood to brighten it up. You have all warm wood and warm brick so I think a warm paint color on the walls would be nice if you want to paint anything but I think you do not want to.

Also an antique or very modern brass chandelier would look nice and sconces around the room for ambient light.

The room needs to be cleaned up and a chandelier will help set the mood.