I think it's charming. Not knowing your other plans for the basement, I'm in agreement with you...keep it, paint it.

Yes, the fireplace is metal. I'm planning to have white builtins with brass hardware and wood on top of the builtins. The walls will be an off white color. Also, to the right of the fireplace is the entrance from the garage and we will place closets that will be painted a dark color. These are my inspirations. Thanks alot for your input.

You can't just use any paint on that fireplace if you actually intend to use it. You'd need a high temperature paint suitable to withstand high temperatures.

I love it as it is. I think redoing the ceiling would provide the biggest improvement.

I like the fireplace, but I'd get it checked out to make sure it's safe to use

I agree that before you do anything make sure this now passes code. After that I think I would leave it as is colorwise.I hope you are not planning builtins around the fireplace since you do have a lot on the left wall and I am not sure what you mean by wood on top of them.

As well, check out the clearances you have to have around your stove, which may impact where you can put shelves etc. I don't know who inspects wood stoves in the US, but in Canada there are good websites on the requirements (WETT Certified)

following

Patricia Coldwell Consultants, who can verify if the fireplace is up to code? Would I have to check with the city? These builtins are white and have wood on top.

I assume you would have to check with city re up to code. Also, I would have a fireplace company , assuming there are some in your area, inspect it. That’s what I had done recently, I called a business that specializes in fireplace repair “ fireplace doctor” ... assuming all is okay with it I would keep it as is ....

You know, it doesn't need to be to code if you don't modify it (painting isn't a modification). It's "grandfathered" in. But getting a fireplace company in to inspect it is a really good idea. They will probably know local code, too. It's good to be aware of code and know about any issues, of course, and use your judgement as to whether or not you want to bring it to code.

Oh, also, it's extremely cool! Paint it if you must but keep it! (I kinda like the paneling and stuff too but they might look bad in person.)