squeakerd - it is really hard to get a perspective on the whole area but if this is part of a much larger area then I feel you need to first decide just what you want as the end result. Do you just want your entire area to be one open plan or do you want to break it down into visually defined areas within the open plan. As you have the area now, I don't feel any cohesiveness between your table and the sideboard, I think I would move the sideboard to the end wall, it looks more like it would belong there, even just by the shape of the room. Definitely a larger rug will define the space better - just be careful of any trip hazard with the door nearby - but before you decide on the rug, consider window dressings and whether you want things plain or introduce some bold patterns and what colours look best in the area. Artwork can go where your sideboard is now, but again think colours and impact of design on the whole area. It is all very well to build a room around one piece, but you need to look at the impact that piece will have on other items and what limitations it could cause. I would suggest you set aside some serious time to look through photos on Houzz, especially if you can find areas similar to yours, till you find what appeals to you, put the photos into your ideas book and use that to build your room. I have found this invaluable in the past and it has saved me many an expensive mistake.

I think it's always good to have room for a study, but that's because I work from home and like a dedicated space to it. If it's always going to be used as a guest room/study and won't get much use, maybe removing it completely is best.

To me it looks like it would be better to have a smaller kitchen as being a 1 bedroom place the living/ kitchen area is quite small. I think having the essentials along the bedroom wall is good but the island makes the living area too small in the first plan, and in the second the cabinets make the walkway too narrow. I would put sink, fridge, oven along the bedroom wall then make any other bench and storage space more like moveable furniture to make the living area seem bigger. The kitchen may be able to be shut off behind doors (a bit like a euro laundry) when not in use to make a much bigger living room, especially if it isn't used a lot.

wow, what a transformation