I bought my house in '93. The first thing I did was gut the finished basement due to its 1968 decor (when the house was built). The finished space is about 900 sq. ft and while I left the walls in place and painted them, the rest was torn out and replaced. I added a wet bar, upgraded the electrical including additional recessed lighting, vinyl flooring and carpet. I did everything but the flooring myself and spent about $3000 total (in 1994 dollars). The wet bar is built of stock cabinets and countertops that I bought from Builder's Square, so it was pretty inexpensive but turned out nice.
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