It looks like there is quite a bit of brown in the stone on the fireplace and the hearth. Are you going to keep that as it? If so, black may not work. You might be better off going a darker stain with the fireplace mantel, but I wouldn't do much with the beams from the start.

What furniture pieces do you have for the space? Are you buying new, or using existing? Are you going to refinish the floors? Is the fireplace insert chrome or brass? Are you going to replace that? Are you going to replace the ceiling fan?

There are a lot of questions I think you need to address first.

@apaquin25 Sorry, I see there's lots I didn't mention :)

We currently have West Elm everything (sofa (grey), rug, marble coffee table). All in wonderful condition. The sofa will possibly be replaced by something more like the Dekalb leather sectional from West Elm and blue lagoon Vines rug may be repurposed to a different room down the road. New furniture will be a to-do once we complete most of the heftier renovations in other rooms.

The floors will be refinished to a darker wood (any suggestions?)

YES, ceiling fan and fireplace insert HAVE GOT TO GO.

Hope that helps :)

P.s hearth will remain the same.

I was thinking SW Alabaster white on walls and ceiling and Super White on new trim. Is it normal to paint ceilings the same color as walls?