We've been renovating the basement of our 1970's bungalow since shortly after Christmas. I just now realized that I don't have any 'before pictures'. It was wood panelling painted yellow, 1970's geometric brown and orange rubber backed carpet, and hanging ceiling...you know, those ugly ceiling tiles. Really dark and dingy.
We pulled all the panelling off, upgraded the insulation, ripped down a closet that was in the middle of the space, tore down a wall that was used to create a 'storage' room. Moved shelving into the furnace/water heater room to use as shelving. Ripped out the wall that was used to create a 'cold' room off the laundry room. Insulated and drywalled, painted and put shelves in the space for more storage.
The old storage room became an space for my excercise equipment. We used laminate floor in this space to make it easier to clean and move the equipment around if I want. In the pictures below I put a black chair as reference. The main space is 15' x 30'. Tonight we'll be moving furniture down there. I'll take more pictures when it's furnished.