Should I finish my basement


Moved in to a new house....one of the main selling points was a concrete basement; walls and floor slab.
The dimensions are perfect for my setup and I will finish the ceiling and do sound treatment as necessary but really wonder if I should also put up sheet-rock ?
As of now wall are painted with water-seal paint, and I have a large carpet on the floor.
I can just hang few drapes on the walls, do some sound treatment and leave it as is...
The looks are OK either way for me - no bearing on my decision.

Just want to hear if some of you have experience with such a "dilemma" (finished vs cement walls) and what would be recommended?

PS: I would NOT want to do any sound treatment under the sheet-rock...as a matter of fact I would only mount aluminium rails to the walls and then attach 1/2inch sheet-rock
ether
YES! I would finish it & ENJOY!
I think as long as you do not add a bedroom, kitchen or bathroom - the tax man has no say.
I live in NY (mid state) & finished my walk out basement 6 years ago & have not heard a knock on my door.
The difference between a finished basement & a unfinished basement is like night & day.
Sheet rock, suspended ceilings & floor coverings are just the beginning.
You will need outlets, switches, lighting, heating & will probably want dedicated lines for your rig.
You may want to re-think your flooring - I opted for cork flooring & could not be happier as it is soft, warm & will last for 20+ years.
Sounds like you live in the south where you may not need insulated walls. Even so I would not want to spend much time in a basement with concrete walls. Throw some wood studs on the walls and insulate and sheet rock texture and paint. Live a little.
As everyone else also realizes, Ejlif is totally and insanely correct. Don't set yourself up for a (steep) uphill acoustic battle by installing drywall, of all things! That's one of the best things about my current setup -- minimal drywall. In fact, that trumps the poor L/R symmetry. And slab floor is a big plus as well (though rugs/carpets on top are good). The old all-drywall, suspended-floor apartment I used to live in sounded like garbage.
My father, an engineer (PE), warned me about finishing a basement. As every good son does, he didn't listen to his beloved dad. We spent $25K and finished the basement. A month after we finished the space, we experienced one of the biggest storms the NE had ever experienced. We had almost 2 feet of water in our basement which destroyed my dream-room. Proceed with great caution.
Lindisfarne brings up a great point. This risk can be remediated with the proper drainage system, power backup, and overhead sewer. All if this needs to be in place...unless Katrina hits you should then be OK then ...if not don't put the good stuff down there...