The second and perhaps most important part of the basement is the play area. Our rooms on the main floor of the house are pretty small so it is nice to have a place for our daughter to have all of her "stuff". Before the flood, it was at the bottom of the basement stair and it kind of took over the entire space.
The first thing I wanted to do was to move the play area to the "back" of the basement. The hope is that toys wouldn't migrate and take over the entire basement as easily as they used to.
We know we wanted ample storage and organizing furniture but we let our daughter decide what she wanted in her area. She chose her own Flor tiles and color. She also chose how she wanted toys stored and after she saw that I had a nifty magnet board she absolutely had to have one too.
We have additional toy storage in small plastic movable bins and also utilize the built-in shelf that I built when I renovated the basement the first time around.