Is it a wet bar? How do you plan to use the room?

Not a wet bar

If you just bought maybe live there for a bit and adjust to the space to see how you want to use it.

The space is too dark. Needs a refresh.

I would remove the bar and carpet. Paint walls and make it a lounge space for movies and games.

I’m not a decorator, but I would see what is behind those planks, remove if possible, and paint the room a light neutral color. The room is in the 60’s? 70’s?, that is no longer in fashion. The Houzz Pro’s will help you decorate a nice comfortable room.

Congratulations on the house! That can be a really neat place to hang out. Bring in some comfy, casual furniture. One option is to embrace the darkness and use as a TV room,or Video game room. Otherwise, I’d suggest biting the bullet and painting. If you’re handy, you can do it yourself for several hundred dollars I imagine. It’s worth that, at least, to get an entire, usable room.

This bar appears to be from the 70's. It's served its purpose. If you're not going to use it, then pull it out.

Do you think paint is expensive? What do you plan to do with the popcorn ceiling and the pure white wall-to-wall carpet.? Both will be more expensive to address than painting the walls.

Depending on the depth of the texture on the wood walls, it may require spraying the paint on rather than rolling the point on.

If you create a movie room, you might want to keep it dark

I think I'd get rid of the dark paneling altogether and patch/paint the drywall, including the bar. Turn it into a mancave with a game table, some seating and a big TV.

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If you find that paint is expensive, it's about the least expensive way to transform a room...

So perhaps you can start with painting the ceiling white, replace the 2 pendants that cast a yellow light, and furnish the room with comfy furniture. I've converted it into a TV room but have no idea of the use you'd like to make out of it.

Wow that’s awesome that you can do that! Is there an app for that? Yeah that’s a good idea; a white ceiling and I’m planning on putting in light gray laminate flooring so that should help brighten things. My contractor told me the old wood will soak up a ton of the paint not to mention it’s a very dark brown to begin with…. If the light colored paint can miraculously cover it up with one or two coats I’m all for it.
The bar area is a cool feature. I might remove it.

I don't recommend a light grey laminate flooring with the dark brown walls. Gray flooring is on the way out if not already for most. I would choose a light but natural wood tone, something like a white oak which is also neutral should you decide to eventually either paint or remove the wood planks.

I heard gray flooring is in style. I was planning on doing that on the main level as well

I'm with lisedv regarding gray - that ship has sailed.

Looking at the width of the walls on either side of the stairway, there may not be drywall behind the paneling. It looks like the paneling is continued in the next room (whatever that might be). Perhaps you can demo a small section in that room to see what's underneath.

Tearing out paneling and hanging new drywall might be less work - and will certainly give a nicer result - than trying to paint over what you have.

Take the bar out now because it is also when you are doing the floors and the two should happen at the same time. (Unless you are in love with it and want to keep it.)

Not only has the grey ship sailed, but it also always looked to me like a floor that was copied on an old black and white copy machine at Kinkos. Look at samples of other flooring to try in your space. Remember that with the walls a different color, the floor would look different too.

Have your contractor experiment with a heavy duty primer/seal in a non-conspicuous area to test the absorption rate. Your wall is so shiny, which makes me wonder what kind of coating, sealer, stain is currently on it that might block absorption.

Color cover should not be a problem. I just moved into a space with crimson, black, and turquoise walls. The contractor only needed one coat of primer to cover the color.

No to your gray floor idea, they are not hip or happening in a home you don't want to re-do the floors next year. Wood is not gray go with something that looks like it's real. Your basement walls are all you need to convince you making wood look unnatural is a bad idea. How much money do you have to throw at this? Painting is an option. That bar outlived it's usefulness 10 mintues after it was put in. Stupid 70s idea.

Better lighting directed to where it’s needed (near seating, highlighting items you want highlighted) will brighten the space. White paint alone won’t do it. And I’d keep the bar, from the photo it looks pretty cool and it looks like you have enough space elsewhere to accommodate seating and/or other needs, especially since this isn’t a main living space.

Gray flooring is NOT in style. get that changed to a warm neutral. FWIW, you need a minimum of 2 coats for any paint job. there is no 1-coat scenario.

How about this for the flooring? Your friend has shared a link to a Home Depot product they think you would be interested in seeing.

https://www.homedepot.com/p/Pergo-Outlast-Vintage-Pewter-Oak-12-mm-T-x-7-4-in-W-Waterproof-Laminate-Wood-Flooring-19-6-sqft-case-LF000848/206860377

Can you even get behind the bar? It looks like you can't, which makes it serve as a high top table shoved against the wall with elbow pads taking up a portion of the bar top. If you can, there isn't room for shelves on the wall to store bar ware, decor, etc, You're not much of a drinker - it doesn't appear to be relaxing or functional to perch on a bar stool at a counter with limited space and stare at a wall a few feet away.

The bar is on a platform which will force a decision about the wood walls if it is removed. Don't change the flooring (especially not to gray) until you have a plan for the entire space. You will waste money and lock yourself into accepting features you may not like. You can always do the work in phases but get the plan first.

Post a floor plan, photos of the other walls and tell us how you'd like the space to function and feel.

What functions do you envision for the space? Deciding that would be a good first step and should provide direction in your design choices.

I will definitely have workout equipment in the space. I’m undecided if I’ll also use it as an office space or extra entertainment space. You cannot get behind the bar, you’re correct, there’s no room to get behind there really to pour drinks. I guess if you wanted to put a shelf there and have guests pour their own drinks and sit together facing the wall that’s an option (sarcasm). The flooring here would also be used on the main level FYI, with a white kitchen so that’s a factor as well. See additional pics

Regarding the flooring you posted I would look for something more natural in color. Not gray

I echo the advice to try to see what is behind that paneling. Your next cheapest option would be paint.

When you choose wood-look floor, try to find one without too many knots or shadows, When installed, the knots and shadows can look too busy and patterned.

Bring samples of the floors home so you can see them in your space and your light.

I'll echo the ant-gray sentiments. It was a color trend that started long ago, it's very hard to pull off and it's way past peak.

There have been dozens of posts here from people asking for help because their rooms filled with gray look stark and unpleasant.

How about this one? Your friend has shared a link to a Home Depot product they think you would be interested in seeing.

https://www.homedepot.com/p/Pergo-Outlast-Bronze-Belmont-Oak-12-mm-T-x-6-1-in-W-Waterproof-Laminate-Wood-Flooring-16-1-sqft-case-LF001010/314537985

Too many spots and shadows in the Bronze Belmont.

This is from the same line, might be too red/orange in your space. But, it's a good example to show how much nicer a quiet floor can look.

To see how thick the panelling is, simply unscrew a light switch cover and take a look. I suspect you have real boards, not just 4 by 8 foot thin panelling. You can post an additional photo here to get opinions.

Yes, having a professional contractor paint two coats of paint is not cheap.

Gray floors are not in fashion in many areas. Gray has been trending down in popularity. It is better to buy a trend on the way up or to buy a classic floor such as a natural wood. For a gym with exercise equipment, a mix of flooring will be best, just like in commercial gyms.

It sounds like this is going to be a flex space (no pun intended), an extra area that can morph and function depending on your needs.

If the top and bottom floors will have the same flooring, I’d select the color that works best with the new, white kitchen and adjacent areas and not this room in its current condition.

Rip out the bar, make the floor level which will give you better options down the road. If you’re left with discoloration on the wall, get a pint of matching paint for now so it blends in.

You can scrape the popcorn ceiling yourself and paint it before the new floor goes in.

You’re looking at engineered wood which scrapes easily so be sure to have protective mats under any workout equipment.

Ultimately, if you want it brighter, you’ll need to address the walls.

Okay how about this for the flooring? I think it’s a nice contrast with a white kitchen Your friend has shared a link to a Home Depot product they think you would be interested in seeing.

https://www.homedepot.com/p/Pergo-Outlast-Honeysuckle-Oak-12-mm-T-x-6-1-in-W-Waterproof-Laminate-Wood-Flooring-451-4-sqft-pallet-LF000988PLT/312389101

Some thoughts:

--Take out the bar entirely.

--Remove popcorn ceiling and paint it warm white. It'll be industrial looking but that works in a basement. Popcorn ceiling is more unattractive and looks all yellowed.

--Divide the space into two zones: workout area and lounge area. (Ignore gray flooring. Everyone's right about gray flooring on its way out. It's dreary and really doesn't work with the brown panelling. (I'm suggested lots of large posters to deal with brown walls for now. When budget allows later on, take a look at my basement Ideabooks and other basements on Houzz.) For upstairs flooring, start a different thread if you want people's advice about flooring taking into account trim, lighting, furnishings.

Here are two basements with different zones:

1. Here space is divided into exercise zone at far end; pool table; game table, bookcase, etc. Notice how rows of industrial lights connect and brighten basement space. You can do the same thing with industrial string lights once the popcorn ceiling is removed.

Love how a DIY sofa table is also a great place for "eating at the bar." Take note of large posters to brighten space. Sofa back divides the space into a lounging zone.

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Notice the string light along the ceiling. Get a light patterned rug, but no brown leather couch for you! You'll need oatmeal palette for sofa to lighten up brown walls.

--Get some great colorful posters in subjects you like--sports, travel, blow ups of some of your own travel or sports photos. Choose light colorful ones to cover big sections of the brown panelling.

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Or graphic posters of outdoor scenes since you don't have windows. -These are from Society6.com

--What's on the floor now? It looks like a cream tile? The color does lighten the space--flooring is a fourth wall and needs to harmonize with wall color if that's staying. If it's cream tile in good condition, I'd be inclined to get a large light colored oatmeal/brown patterned rug in the lounge area to define the space and have a large oatmeal tweed section of industrial carpeting or rug tiles cut for your gym area.

--Color palette for sofa, rugs, posters if brown panelling stays: Oatmeal, light tan sofa not gray, and colorful accents pulled from poster colors. Avoid heavy dark upholstery and dark wood tables. Choose finishes that contrast with brown walls if they're staying.

Can you also post pics of your kitchen? Am I correct that you are going to be using the same flooring in there too? You can't make these decisions in isolation.

You can put enough paint on those walls to change the color, but the texture will remain, which is why I suggested changing to drywall.

My parents built a house in 1977, when paneling was all the rage. When she tired of the paneling, she painted over it - below you can easily see the wood grain (which was not nearly as pronounced as in your basement)