Congratulations on your first home! Looks like you'll be moving into a very lovely one!

I'll leave the furniture advice to others, and if you don't mind a bit of unsolicited advice on the paint ... (Or, if you do mind, then just take this with a grain of salt. ;-)) I would repaint all the same color and keep it very neutral. There are different schools of thought, and some feel that a color (such as the gold tone that's there, or the grey-blue that you're thinking about) will help to define a space. To my eyes, however, it creates more of a discordant look by emphasizing all of the various angles in such a large, open area. A light neutral throughout will maintain an open, airy look.

What a great space with wonderful light from those windows.

What will you use this room for most often? Would you be having a tv like is there now? do you have a family with children? Do you entertain and need it to work for larger groups, etc.?

Thank you for the feedback! I think we will need to paint most of the main floor and upstairs hallway at once, either all one color as IdaClaire suggests, or I had been thinking the living room one shade darker than the rest. I agree about needing to keep it pretty neutral and light!

It is the main living space, so it will be used daily for hanging out and watching TV, as well as for entertaining. Ideally we'd like to be able to host family gatherings and seat larger groups, but are ok with needing to pull in additional chairs/benches from elsewhere. We will have a TV, I can only envision it in the same place as it is currently, however we have this TV stand and might mount the TV above it rather than sitting on it. We do not have kids yet, but plan to in the next couple years.

Please don't be shy - any advice is really helpful!

Well, you'll get lots of different opinions about sectionals. I am a big fan of a sectional when you have room for one, because you get more seating space instead of lots of awkward chair/sofa arms, people can stretch out and lounge more easily, you can squeeze more people onto one for parties, etc. I think you have a perfect spot for one where the former owners have theirs (although I wouldn't choose a puffy leather one, but that works for some people), so that's what I would choose.

Your paint color will need to go well with the wood flooring and trim. Is there some piece of the trim that you could take to a paint store and get advice on complementary colors? It's going to cost you a bit to paint that large space, so you want to get the color right the first time. I'm not so sure a blue-gray will work well with that trim, but I leave that to the color experts.

It's a dramatic looking room, but it has challenges for furniture placement. The sectional that is there now looks like it fits in well. Any chance you might want to buy it from the sellers?

If it were my house, I would be thinking of removing the wood stove down the road. (Unless you simply love or need a wood stove.) That pipe going to the ceiling isn't particularly attractive, especially with the kink in it. You could replace it with a direct vent gas fireplace that vented out the back.

Good suggestion about bringing a piece of trim into paint store! I'll be sure to do that. I've read contrasting advice about working with medium orange toned wood. I think the wall color will have a big impact on the space. Anyone have any specific color suggestions?

I find the owners current couch is a little too large for the space, and I am not a big fan of the puffy brown leather couch, although I'm sure it is really comfortable! I'll see if we can find a sectional that will fit into the space in the same way. Thanks for the suggestions!

Graywings123 - In regards to the wood stove, I know it will provide A LOT of heat (albeit dry heat) and probably save us some on our heating bill so for now it is something we plan to keep.

The wood stove gives the home some ambiance as well. I was shocked that all my grown, hip kids love our wood stove and since we couldn't have a fireplace anywhere in the room, I am keeping it!

:)

The current owner sent us over the dimensions for the wall where the sofa would go. I estimated the others. We are getting the blue prints this weekend. I am thinking the best use of the space would be a custom sectional to fit the space, but I don't know if any company makes something with such a long angled middle section. Any suggestions? What about curved couches? The measurements for those seem to just give a total length so I can't tell how they will fit.