I’m adding this is a new home that we have purchased and all the furniture and rugs will go.

Some version on this with a beautiful modern round table, fantastic rug, and large modern light over the table would give you grand, dramatic feeling without a new staircase.

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Chandra Lost Link Blue-Yellow Round 7'9" Area Rug · More Info

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What a lovely new home! I think the main thing would be replacing the chandeliers with something more fabulous.

Your home is gorgeous! I agree with Suzyq! You need chandeliers that are equally as fabulous as your space. I am not a fan of the columns either, they are beautiful but too ornate for my style. If you got rid of them then I would maybe consider getting rid of the half wall by the plant. If you like the separation then maybe extending it further. It just seems too small to me. I can't wait to see what others suggest and what you do with the space!

A staircase does not have to hit you as soon as you walk through the door. Your staircase is very nice and I would not spend the money to redo it. What about a music room with a baby grand for the floating room with 4 chairs. Your guests could gravitate there for dessert, and it might be relaxing for your family.