You mentioned you like the dining room furniture, so are you ok with the contrast Is your first decision. I would update and look at lots of inspiration pictures to help you decide - and how. You could perhaps keep table and buffet and with updates, may achieve a balance that works for you

If getting rid of everything, it really is endless and search for rooms you like. You could update the built in cabinet with some modifications and paint black. Then incorporate black in your choices, which will also work well with living room.

I so agree with Maureen. The actual bones of the room are beauty and go so nicely with your living room. I would remove the table and chairs and side table. Replace with something to match and add a new rug. I love he idea of painting the corner piece black. For the living room I would move the stuff over a bit. The two chairs seem to be blocking traffic flow. Really good job tho. Love

If you're not looking to spend much money I'd bring something very traditional into the living room (maybe put more emphasis on the chest by the window) and pick one thing to switch out in the dining room to link the rooms together and create some tension. I'd probably change the chandelier and/or put a oversized piece of modern art over the buffet to start.

Below we've included some beautiful dining room ideas that might just help you with your dilemma. Note the dining room furniture, rugs, artwork, and lighting.

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The two rooms seem as though they belong to different houses. So, my answer is yes - renovate your dining room to match your living room. Would suggest removing the wainscot and possibly the corner cupboard although the cupboard might be reworked and maybe painted to be more transitional in look. New dining table and chairs. Perhaps an interesting rug as well.