Depending on the space available, your basement may be able to be finished into a family room, home office, or guest bedroom, if it's currently used as a storage space. Before taking any action, it's important to know what the price to finish basement, and what type of work is required. The actual cost of finishing the basement can be influenced by a number of factors including square footage, labor, materials and design selections. If the project involves bathrooms, additional electrical outlets or high-quality flooring, it may be more expensive. Insulation, drywall, painting and lighting are other costs to consider. A simple design with functional materials can help to keep spending within reasonable limits without compromising the functionality of the space. Before buying materials or getting professionals to do the work, it's best to know the expected costs. This article discusses the various costs associated with finishing the basement and helps homeowners get ready to do their own project.