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A dry basement used primarily for storage can become a bonus room in a house for a relatively small investment.

The area already is heated, or can be easily because the furnace is nearby. With the addition of insulation and wallboard, a basement becomes additional finished living space.

The job involves furring out the walls with 2-by-4 stud frames, filling the cavities with wrapped fiberglass insulation and installing wallboard.

We found that a carpenter would charge about $1,600 to frame out the walls, fill the wall cavities with insulation and install wallboard in a 600-square-foot space.

To do the job yourself, we estimated the job would cost about $475, the cost of materials. It helps to have some basic carpentry experience.

You’ll need a saw, measure tape, carpenter’s square, level, screw gun and wood screws for the framing.

To install the insulation, you’ll need a stapler and a pair of heavy-duty scissors to cut it to size. And to install wallboard panels to the framing, you’ll need wallboard tools.

Depending on their location and weather conditions, different parts of the country require insulation to be a specific R-value.

Check with your local building department to find out what type of insulation is needed where you live.