Revamping the apartment

http://www.apartmenttherapy.com/la/interior-design/10-tips-for-redecorating-on-a-budget-135782

The above link is a handy article for tips on updating your space with limited funds.

     I've just increased the square footage of my loft by adding a balcony that extends out from the two lofted bedrooms and functions as work and play space for two of my roommates who both paint and draw.  One of them is a dj so we can have a sweet dj booth stationed up there as well :)
     Since the best part of our apartment is the large, open living space, our concern was that the addition would close off the space too much.  But luckily it doesn't really do that:

     I think the reason why it's ok is because we aren't walling off the balcony.  We do need some kind of barrier though, not too tall.  I'm considering some 42" tall home depot fencing... white picket fence?
     Also, there's the decision of whether to leave the beams exposed or not.  I'm gonna paint them all white and see how that feels.  The roommates want sound responsive colored lights built between the beams, covered with frosted plexi or something.  You know, for parties and such.  I have no clue yet how feasible that is...

     The next step is adding a fourth bedroom on the lower level.  Since I am a flight attendant and not home much, I need to keep rent down and only need a minimal space that fits little more than a bed, crash pad style.  The space to the left is where the room will be, and won't extend as far as the addition, so there will be room for a couple of those hanging hammock chairs perhaps?  Also, there will probably only be a wall added on the right hand side, leaving the front open in order to let light and air in, and also to make the space more convertible.  I will probably hang some funky curtains on the front end.  The two rooms upstairs are also modeled this way.  Since there is only one wall with windows, air flow is limited because there isn't a cross breeze.  There is only one heater for the whole apartment, by the window, and in the summer only one wall to place an air conditioner.  Behind the two upstairs bedrooms is another room, which suffers in the heat and cold by being a closed off cave of a room.  More privacy though.