But, why not turn this gloomy storage room into something functional and useful? Remodeling your basement is a cost-effective way to significantly increase your home's living space. Suddenly you could have a nice, cozy guest room, a playroom for your children, a home office, a game room; the possibilities are endless!

Below are five simple steps to a brand new basement.

1. Repair any Basement Water Problems First

Even if your basement hardly ever has issues with flooding or dampness, it's best to take care of the problem completely before beginning any remodeling efforts.

Permanent solutions can take time to put into operation. A smart place to begin is to get in touch with a home inspector who specializes in waterproofing problems.

2. Decide What You Want to Use Your Basement For

This is where you can turn lemons into lemonade. Your Basement has poor lighting? Consider setting up a dark room or a home theater. Is your basement lonely and isolated? The isolation helps provide a nice sound cushion for noisy activities such as a teenager hangout, a game room, or a place for your kids to practice their musical instruments to their hearts content. Use your imagination and come up with something that will benefit your family's lifestyle.

3. Consider Professional Advice with Your Basement Design

Even though your basement might not be much to look at now, you'll want to end up with quality living space when the project is finished. An interior designer or architect can help you get the most out of the space. A little forethought and careful planning now can help you design a space that is attractive, comfortable and practical.

4. Consider the Air Circulation

Something important to consider is the air circulation of your basement. When your home was originally built, chances are that there were very few if any registers or vents installed in the basement. When you remodel your basement, you need to think about the need for good air circulation, adding openings where necessary.

To be on the safe side, install a carbon monoxide detector in your basement so that you'll have an early warning of any problems with the venting of the furnace or any other major appliances.

5. Make the Most of Your Basement's Natural Light

Depending on what you are using your basement for, you may wish to add more natural lighting. This can be done by enlarging your basement's windows. Another benefit of larger windows is that they provide additional escape routes in case of fire.

Some may be concerned that by having basement windows that is providing easier access into the home by thieves. One way to lessen that risk is to install glass bricks instead of conventional windows at any location that is high-risk.

Take full advantage of the effect of regular windows by mounting some windows in the interior walls between rooms that open pathways for natural light to reach interior rooms.