Following is a link to our former basement. We used it as entertainment space and it accommodated large groups. The bar functioned for cocktails or a kitchen island. Hope this helps

https://youtu.be/3FqMEqaf0-I?si=Oxf68mIX0iGrMtVX

It depends on the basement space, ceiling height, etc. There are walkout basements with raised ceilings and larger windows, which make a nice place for entertainment when finished, and basements that look like dungeons, with limited space to finish, air ducts all over the place under low ceilings, and whatnot, etc.

Without more information or a few pictures, it's hard to say what you have there.

Not to mention the difference in the cost of finishing the basement vs. buying a new home.

If you can buy a new home that will suit your needs better, take the money you're going to spend on finishing your existing basement and use it in a new home. It would definitely be a wiser choice.

Good luck!