The cheapest solution is to leave it alone -
- It's fine as it is, IMO.

ditto. ditto.

Leave as is and lean a mirror above it. You are very lucky to have such an unoffensive fireplace. I'd leave the wall color too. Cream will not look so nice with the fireplace.

I'd add a simple mantel. Constructing something should not be a big deal - most molding companies have little booklets on how to build up molding in different ways. All it takes is 3 pieces of wood and some trim.

I agree with everyone else, leave it alone. Cladding could look even worse. Save your money and in time replace it with something you really want.

I'd paint it the same color as the walls and then I'd get a sleeker-looking screen than the thing that's in there now. Or if you're not going to use the fireplace at all, ditch the screen and put something decorative in the fireplace. We have one that we never use and I have andirons with three birch logs in it. Looks great.

If the brick is not already painted, be sure to prime it with masonry primer first.

I would love to see you take the fireplace up to the ceiling. That will add height to your room and make it feel taller. IMO the fire place looks squaty and outdated. So I would add a slate or a stone in a contrasting color of your future cream walls. Something with the dark brown hints of what your new floor will look like. Also, I wouldn't make the fireplace as wide as what it is. Instead just do a smaller boarder in the stone around the edge to make it more narrow.

At the same time paint your ceiling the same color as your walls to make the room feel larger as well. The contrasting green and white cuts the room in half and make it feel smaller than what it is.

I like it the way it is, maybe painting it dark charcoal grey if going with cream walls.

You could put a nice piece of dark reclaimed wood like walnut cut to fit on the mantel and leave it cream. Add big tall mirror.

Here's some ideas: http://mintagehome.blogspot.com/2010/04/fireplace-envy.html

You just need a big chunky mantel and a brished nickel fireplace screen from Restoration Hardware. Its fine otherwise.

I don't think you should bring it up to the ceiling! Modlife posted that it would bring height to the room but I don't think that's the case with your vaulted ceilings! It would look choppy. I agree with Spanky.

Don't fall into the "everything has to be a show stopper" trap. The fireplace is just one element in the room as a whole. It is perfectly fine and will be great if the rest of the room is put together well.

Leave the stone alone - it actually looks really good and my guess is that it matches the originally constructed style of the house. I also agree with MartyGr. Add a mantle in whatever architectural style you were hoping to accomplish by changing the stone. It'll be less expensive and less work. Then instead of running stone up the wall add a large mirror.

That room is really dark because it's backlit by the light coming in from the sliding door, which is probably why you were thinking about painting the room. Paint the ceiling, the finished fireplace (stone and mantel) and the left wall the cream color you want. But paint the wall that the fireplace is actually on an accent color to go with your new walnut floors and your furniture. Wallpaper could be cool too. The cream color will reflect light back onto the fireplace wall, but the darker accent will make the fireplace pop.

I also like AMP's idea of adding a large (maybe gold framed) mirror above the mantle to give that dramatic height you were looking for. It'll also get some more light bouncing around in that room.

Check out this:
http://www.apartmenttherapy.com/la/living-room/before-after-shelbys--109950

A sleek mantle would do wonders for this fireplace. I agree with the suggestion of a large mirror leaned on the mantle or a large piece of art to anchored it as the focus of the room.

As it is, it will serve as a nice foundation for a big, beautiful painting. I do think that the mantel should be replaced with a thicker wood mantel. And of course, a sleeker screen will make a big difference. If you really hate brick, make your other changes, get the room arranged how you like it, and then decide whether to put money into changing it. Often a detail that is very bothersome in an empty, just-purchased home becomes unnoticeable after you move in and customize things a bit.

I have a similar problem and look forward to feedback from others. My problem, though, is that our brick fireplace extends all the way up the wall and the hearth is the entire length of the room! Very 70s. Ugh. It's also painted white (for now). Would love to put large stones over it but have no clue what that would cost. TIA-

I wouldn't touch it either.

All you need is a mantle, and a glamorous mirror.

I know you plan on painting as well, but that green color is fantastic.

I agree - mantle, maybe using a big, pretty reclaimed wood plank or something similar.

Also, I like the second fireplace in the post that mintagehome linked to, with the wooden 'border'.

I would defnitely not recover it in stone, it's one of the only characterful elements of the room!

it's perfect! a large dark edged mirror above it, and you're all sorted!

I had a similar fireplace in my 80s tract house. We took it down with a demo hammer (can rent from Home Depot) - our brick was just laid up against the drywall around a pre-fab gas fireplace insert (most 80s and later homes are like this).

We put up faux stone in place of it (I removed the drywall where the brick was and installed concrete backer board - i.e. Durock). We then added a panel made from 1" x 8" pine boards that I stained. I think it cost maybe $250 at the end of it because we did all the labor. I am so happy I ripped the old brick down! I have some pics on my blog if you want to check it out :o) Good luck!

Leave it alone (it's fine) and spend the money on a spectacular piece of art to go over it.

Awww..I like the olive. Put in your furniture, rugs and art, then see how you feel about it.

Leave it! That is a a perfectly fine fireplace. I like the olive too... but if it doesn't go with the rest of your stuff I can see painting over it. Don't make a stone fireplace though - the cost to make it look great will be outrageous and you're starting out with a nice, neutral fireplace already!

The fireplace and it's mantle is the most important thing in the room and perhaps the house. Make it great by tiling it, adding wood trim, add built-in sconces and or paneling the overmantle. Dressing it up with mirrors and tchotchkes is the the easy way out...