Cutting down walls is expensive, especially if there are multiple stories involved and any could potentially be load bearing. Moving plumbing is VERY expensive---and sometimes impossible to do because it can't be vented properly in the new planned location. If you're lucky, you've got an accessible basement below and an empty attic above. If you're not lucky, it'll be completely impossible to do because you can't put the vent in the correct place or you'll have to jackhammer a slab. You'll have to completely redo all of the tub walls, get a new tub, and the glass will be $1K just by itself. You've just added thousands to the bathroom remodel if you DIY, plus huge headaches with the plumbing issues for a DIYer to solve. If you have to pay to have it done, it could easily add 10K+ to the remodel ticket. I'm not arguing that it looks better and more open, but at what cost? That's the cost/benefit ratio you have to examine, and currently, the payback on expensive bath remodels is at it's lowest point in decades. Even if you can afford to put money into something simply because you'll enjoy it, how much enjoyment do you get out of creating the same exact bath, but simply in reverse? You haven't significantly affected the functionality of the room by making it larger. YOu've only done some optical illusion manipulation.

I agree with Sina Sadeddin Architectural Design accent walls are not dated but they do have to make sense and have a purpose in your space.I think you can benefit from an accent wall, It will help this room look warmer and more inviting. I would do the wall where the sconces are.use only paint (given the fact that you will be moving out in 2 years,) that is how you can have the most impact with minimal expense/effort (and it can easily be painted over before moving out)

Below are pictures of my basement. Looking for a light and bright color for the space that doesn’t make it look stark. I included a picture of swatches I brought home which looked totally different in store. I also tried Alabaster by Sherwin Williams on the wall but unsure if it’s too yellow/warm and will clash with the gray tile.

I said I’m not sure . When did I say I have decided ? We discussed with the renovation team again and we will test to paint just a little part of the ceiling to see how it looks with pot lights and wall lights that we will install . If it is very dark then we may not paint the ceiling . Also after gathering all your opinions , we have decided to use the dark color for just the living room ( as a theatre room) and a lighter color for the rest of the basement Also I checked again . The height is actually 8ft for most of the basement Thank you everyone !!