We've been discussing our next project and have decided on the basement. We live in a split level house, which has 4 levels, so when we say the basement we do mean the very bottom level. Even though we don't really use this space at the moment, aside from storage, I think it makes the most sense for many reasons. We are going to build an actual storage room so that all of the kids clothes and toys that we aren't ready to get rid of can go in there, not to mention my out of season clothes. My closet isn't big enough to hold all of my clothes, so I switch them out each season.
We'll also have a permanent guest area so that when my parents come to visit they will have their own area to sleep, keep clothes, etc. We'll even have a living room with a couch and a tv. I imagine I'll also move my treadmill down there, which means it will be a space that I use more frequently.
There's so much work to be done. Can't wait to get started!