What is it like to live in a basement?

Let’s break this into two segments; you’ll see why.

First, let’s work on a basement intended for human living.

Generally, it will be cooler than most similar spaces due to the extra insulation (dirt) outside, unless it is below freezing outside in which case it will tend towards a little warmer. Most of the natural light will occur in the upper third of the wall if not from almost skylight like light wells. The ceiling may be a bit lower, and you’re likely to see a lot more of the large beams projecting out of the ceiling. The walls will tend to be a bit more irregular in size and shape than you’d be used to, along with the ceiling and portions of the floor. Columns would be common. Otherwise, similar to other living spaces.

Keep in mind, if there are building problems with water, sewer, HVAC, whatever… you are likely to have them first and more severe.

Basements intended for storage.

Take the situation above, but there will be no sunlight or windows of any kind. The space may not be heated, cooled or even ventilated. Ceiling height may become very low with exposed building systems. The floor may be finished but may end to dirt abruptly. If there is exposed dirt anywhere dampness is likely to be an ever-present issue.

Basically, you would be living in the modern equivalent of a cave.