One of the fondest memories I had as a kid was hanging out with my cousins in their basement. We called it the "underground". They have a huge house with a basement used as the children's study room and library. I loved the room because it was pretty, neat and orderly and air conditioned. My cousins who are now all grown up and married (except for one) and have homes of their own. I think the children's room down in the basement was converted into some kind of a bedroom in the later years.
Basement are 'extra' spaces in our homes that are usually used as stock room, office, guest room, laundry room, or play room. When arranged nicely, it is cozy place to stay. A common complaint, however, is the basement moisture, which may either be caused by condensation, poor grading, poor sub-surface drainage, defective window wells or gutters.