A modern design is minimalistic and a minimalistic design is simple. The goal of this design is to make your dollar stretch as far as it can, create the most usable and comfortable space, while also updating and making it beautiful.
The fireplace changes to a much more modern yet simple design but remains in the same location in order to avoid unnecessary costs in relocating it. The tv is to be wall-mounted above it to create a focal point in the room. The wall becomes an accent wall painted in grey the room to update the decor of the room. The wall leading to the kitchen will also be in grey to mirror this accent wall. The tray ceiling above transforms the entire space and feel - by keeping the existing ceiling and framing down 6" you can add can lights as spotlights throughout the border.
The modern grey sectional couch is centered on the fireplace for the family as well as the tv for entertainment. It still allows for plenty of space for people to easily flow around it in all directions. This design emphasizes the openness of the room for the kids to play games and do activities. Simple wall art on the walls add to the decor style.
The existing doors and windows are very nice - keep them but remove the mullions to make them look much more modern. The open plan created by this design helps highlight the window wall allowing you to maximize the view and sense of warmth by adding a patio directly outside the french doors.
This simplistic design is elegant and practical. It is easy to build and careful thought went into the cost of these changes. I can provide you with even the most minute details of this design if it's selected as the winner.