Hello I am in the process of finishing my basement with Drop celing.. Would like to know if one of you could tell me how much its going to cost me in terms of Material Cost.

Total Finished Sq Ft 550
Drop Celing 550 SqFt

If you can tell me how to calculate the cost for Lumber, as I will be doing Wood Framing/studs. Carpet & Drop Celing.

Also would like to know about.. Basement Waterproffing. I run a demuidifier and live in CT, I need to turn the dehumidifier only during Summer months when it gets real hot.. There are no moist basment walls. Just as a precaution would like to know how to start finishing my basement.. Does it make sense to use a waterproofing on the walls & floor before I do Framing ? Do I need to put a plastic barrier to the walls before I put the frame ?

Thanks

It's always smart to waterproof a basement before finishing it because of the investment you are making, even if the basement has been dry for 30 years.

In the case of floor and wall joint leaks, you'll want to look into a perimeter drainage system which will address water that comes up through the floor or walls (A negative side sealant like a spray is not a permanent solution, water will always find it's way in due to hydrostatic pressure).

Prefinishing products can also be helpful such as subflooring to raise carpet off the cold concrete floor (make sure you choose a product that is made of plastic, wood will harbor mold), vapor barriers that work in conjunction with the drainage system can save you money on energy costs as it keeps some of the heat within the basement. This sort of product can be installed directly on the concrete wall and dry wall can be built a few inches in front of it. One of the most important elements of keeping a basement environment healthy is a quality dehumidifier that keeps the humidity level below the point in which mold can grow.

There's a great company that has been in the waterproofing business for several years with plenty of useful information on their website: Waterproofing Wet Basements - Waterproof your basement with Basement System, Inc