Here is an example of what can be done to a basement on a budget.  This Ambler customer was a musician and wanted to turn his dingy basement into a place where they "jam".  They wanted to keep somewhat of an industrial look to it by keeping the duct work exposed.  The entire area needed to be framed out and completely roughed in with new electrical.  The room was insulated and dry walled, new doors added, and trimmed out with crown molding and baseboard.  The space is finished with neutral paint and warm berber carpet taking this basement from shabby to chic.