Many homes are sold with unfinished basements, and this is usually the type of basement people picture as the cold, dark space used only for storage or laundry. An unfinished basement usually has concrete floors, bare studs instead of drywall, and no more than one or two light sources. Unfinished basements are the perfect blank canvas for homeowners who want to complete a home improvement or renovation project. Finishing a basement is the first step for many advanced basement renovations, and usually involves adding carpet or hardwood, extending heating and cooling into the basement, putting up drywall and a ceiling, and essentially making the space livable.