IMO, finish to suite your life style. Don't focus too much on resale value. I have a neighbor and all they did was add a bathroom, and left the rest unfinished. It makes sense for them because they spend much of their time gardening and track in/out the basement from their backyard.

Your 15 yr son probably just wants a nice finished space to hangout with friends. I have a 16 yr son, and by far he prefers the entertainment center w/several video game stations he owns.

Is this a DIY? If so, that would help keep costs down.

Also, if you live in cold climate think about how you're going to heat the space and factor this in your budget. I heard too many times about people finishing their basements, expecting their central heating system to be enough. But it turns out its too cold to enjoy in the winter time.

Hope this helps.

-jasper

We completed our basement nearly 2 years ago (though the bathroom is still pending) but spent several previous winters on the project. The most important thing I recommend is having a plan - to scale on paper. Then you can break your "unlimited dreams" into phases.

Insulated basement windows has been our only oversight. We probably would not do anything else differently because our extended building schedule permitted our incorporating ideas along the way. Of course, there are some minor adjustments we would make which no one else would ever notice.

Photos of our basement are linked from "My Page" and comments accompanying the photos may give you some ideas. I agree, your teenager will want music, computer and TV along with a comfortable place to relax. An area rug (because the floor will be cold) and probably a small refrigerator too. I agree with the previous poster about auxulary heat. Ours is fine when the furnace is running during the cold part of winter but additional heat is needed spring and fall.

Good luck.