That depends on a few factors. First, you must ensure your basement does not have issues with water. Secondly, the foundation walls should be checked to ensure that there are not any structural issues.  All mechanicals including HVAC, electrical, and plumbing need to be inspected to ensure that provisions can be made for access to key areas where necessary. Newly adopted New Jersey code requires an additional point of egress in addition to the stairway leading to the basement, and any bedroom in a basement requires it own separate exit way. This is typically accomplished by installing an egress window with a window well.