I would try to totally transform it by drywalling over the upper part, adding some tile or brick around the firebox, and adding a mantel. I would NOT just paint it. If the budget allows now is the time to do it right. It will be lovely.

Waiting for replies. I've got that fireplace too, only orange-ish. (So yours already looks a lot better than mine.) Best Wishes.

A beefy natural wood mantle and remove the brass inset doors. A flat free standing screen will look much better.

I don't think the stone is the problem. I think those peachy walls have to be painted out to a neutral white or off white which will brighten the space considerably. I'd consider installing a gas fireplace insert which will modernize the look of the whole thing.

I'd also think about getting rid of the wall-to-wall carpet assuming there's hardwood under it. Get the floor refinished and you're good to go.

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These ideas are awesome! Thank you everyone, please keep them coming. We’re fully intending on changing paint color, window treatments and putting hardwood floors in. Hoping to get these changes made before we move in.

Redo the floors, paint the walls and put in new window treatments and move in and live with the fireplace. Decide in a year or two if you like it or not.