I live in an old (120 - 150 yr old) house with very low ceilings. I am considering ways to make the house feel more open and one option is to remove part of the ceiling and floor joists of the second floor above the living room to give it a tall vaulted ceiling and turning the remainder of the second floor into a loft. Given the age of the house I believe it is balloon constructed. This is something early in the planning stages and am looking for advice on if this is doable and what are some concerns or problems this could create.
You need to hire an engineer for this one. They will tell you how it can be done, which may require adding additional beams, and other reinforcements to keep the remaining joist structure intact and to prevent the exposed walls from bowing out.