Design recommedations for this ? see photo

[Marcello Di Gerlando]

This is a 1970's traditional home, in one of the nicest areas of Colorado Springs 3900 sq. ft. I have been interested in updating and flipping one of these larger properties.

I've looked at a few like this and I get stumped on how to cosmetically update built-in wood cabinets and wood veneer paneling.  These brick fireplaces always leave me scratching my head too.

I am looking for cost effective design ideas to modernize these dated looks.

Love to know what the BP crowd would do.  If you like, post photos of what you have done or seen.