Those 80s railings IMO are the first thing to go in most of my clients 80's homes . I would start by making sure what ever flooring you choose you buy enough to do the whole house the same so store it in the garage until you are ready for the next step because the colors change constantly. As for the railings if you want to keep them then do not try to match the wood to the LVP it never works. Do you love the wood ceiling ? If you do then stay in that tone for the floors it won't match but look good. Then paint the railings maybe black for instance. You will need good sun and heat control with those windows I suggest motorized solar shades the will give both heat and UV control but let you keep the view. As for furniture we would need a ton more info as to your style , what pieces you are hoping to use etc.

If you are going to look at luxury vinyl, I would look at stone or terrazzo or concrete look luxury tile rather than having wood ceiling vs. fake wood flooring.

If you like the style of the railings they are perfectly suited to the style of the house and I would leave them.

People make the error that "modern/contemporary" in 2020 is interchangeable with "modern/contemporary" of 1980 and it's just not and just because you do something modern in a house like this doesn't mean that it won't end up a remuddle.

If you have to update the railing because the spacing between the pickets is wide, I would try to match the stain and just fill in pickets of the same style in between to close up the spaces more. If you want to do a completely new railing I would just try to make sure it isn't too 2020s. Because the volumes of that house speak very much of it's era and it's going to look like an 80s house underneath no matter what you do with it. You might as well embrace it.

I think the ceiling is the best part of this room. The railing is a cheap builder-grade solution that was done a lot in the '80's and '90's. We just replaced ours this summer. So as Patricia says, not worth saving. However, replacing that much of it will be really expensive. So you might learn to love it. However, as Palimpsest says, it's not up to current code.

I just want to put in my two cents to advocate for real wood flooring. I put LVP in my basement but I would never put it in my main living area. Real wood is so much more attractive and you can refinish it at some point instead of having to tear up the the LVP and landfill a petroleum product. Put washable rugs in front of your sliders and then you will have a beautiful room.

Agree with @kandrewspa - we have LVP in the basement also and its great down there but no substitute for the real thing - I would likely wait and save until i could do that or a nice large format tile (if you live in a warm climate) - it is going to be a huge investment of time and money so def worth doing it well

I think we need to see the space when standing in the living room area. I have some questions about what I see in this photo

You might want to consider creating a design concept that runs from the lower floor to the upper floor.

If you end up removing a catwalk (or two!), consider salvaging the spindles to fill out the existing cat walks and stairs to bring them to code (if you choose to keep them).

Looks like a lot of railing would have to be replaced if that's what you choose- maybe that can be phase 2. I'd paint (less yellow toned), replace carpet and get some nice solar shades. Then start saving money and thinking of the next step.

Leave the ceiling as is but paint out the window trim and the walls to a bright white. Replace the carpet with hardwood and change out the railings on the lofted hallways to something more contemporary. Here are couple of inspiration photos:

Hillside Sanctuary: White living room by Kimball Starr Interior Design · More Info

The Delhi Great Room · More Info

If you want to go gray and white, or remove all the vintage appeal to your cool house, then stop reading this right here.

I think your house is fabulous! I would paint all sheetrock white, keep that lovely ceiling. Change the carpet out to a real wood plank floor, like the ceiling and in similar tones as the other wood work. I would also consider saltillo floor tiles, those were popular in the 80's and would look badass in that there. Plus they would be much easier upkeep than wood. It would be plant city in front of all those wonderful windows. I would turn the loft into a library, with a few more plants. Amber glass swag lamps in all the corners would give a beautiful glow to the rooms at night. The bondi sofa by inside weather, in configuration of your choice, would look awesome. Turkish kilim rugs that go with your taste in artwork and upholstery colors. Natural wood end tables and shelves. Anything with a live edge would be the coolest or like those vintage tree trunk coffee and end tables. I wouldn't touch the railings, they are true to the style of the home. You will not have to bring them up to code unless you tear them out. The only railing I question is the one that looks like its just running down the middle of the room. If that is indeed the case, I would remove that one.

JMO.

IMO, there are too many railings. I would eliminate the catwalk that goes to the arched window, and would also close up the window. If the exterior of it can't be "vanished" you might just add closed shutters over it, while the interior is just drywall. Your photos don't really show the extent of the areas that are railed in, but it is possible some of them might actually function better if they had pony walls, and that would also give you more wall space for the living/dining area. Are any of the area behind railings large enough to be enclosed as stand alone rooms? Please be more specific with the photos of the spaces in question behind the railings. I agree that they are dated/not to code, but if you like and want to retain the style, using the railings from the catwalk might be the answer to keeping them but closing the openings further.