An increasing number of homeowners want to include bar space in their remodeling designs. Design expert Nancy Fire says this trend is emerging out of the artisanal food and craft beverage movement.
“It’s the intersection of food and beverage and residential [real estate],” says Jason Dorsey, president and co-founder of research and consulting firm Center for Generational Kinetics. “It’s not just putting up a Budweiser sign. People want this kind of live-play space so they can entertain.” While older homeowners may have more money to spend on such designs, younger homeowners are more likely to create these spaces, Realtor.com reports. Millennials currently make up the largest group of buyers, and have spent an average of $5,000 on home remodeling.
The average cost for a basement remodel is just under $19,000, for example. But an area can be revamped with fresh paint, carpet, and furnishings for much less. The average cost to install a wet bar ranges from $2,000 to $12,000, depending on the type of appliances and other details, according to HomeAdvisor. The more deluxe spaces can be attractions unto themselves.