My enormous unfinished basement, where I store household supplies, tools, extra winter clothing and the toys I pick up throughout the year for holiday donations, is one of my favorite places in my home.

However, over time, I’ve transformed it into a utilitarian space (although it’s not the prettiest), and it didn’t cost me a bundle or require a major renovation. Whether you want to set up a personal gym, create a crafting area, make a reading nook or store canned goods, you, too, can carve out some extra space. All you need is a little imagination and some practical advice. Here’s how to get started.

Dylan Murray, a general contractor and co-owner of Murray Craft Builders in Westchester, N.Y., covered the concrete floor of his basement with patio paint. It’s more durable than wall paint, and although it usually comes in only white or gray, it can be tinted to almost any color. Murray says that if your basement is prone to moisture, you’ll want to apply an initial coat of vapor barrier, a thick, white paint that will seal masonry.

Musson hammered nails into her basement ceiling, then fashioned wire hangers into hooks and inserted a curtain rod to hang large drapes. You also can use tapestries or oversize fabric posters, says Pittsburgh-based interior designer and home renovator Esther Dormer.

Rent or borrow a paint sprayer, tape off the walls and any important electrical connections with plastic, and spray the ceiling, including rafters and ductwork, with black or dark gray paint. “It’s a sleek, semi-industrial look that is not only timeless, but makes the ceiling disappear,” says Realtor JoAnn Echtler of Cranberry Township, Pa.

You don’t need a matching set, so you can shop at secondhand stores and thrift shops to save money. Replace incandescent bulbs with LEDs; they last a long time, and newer bulbs come in a variety of brightness levels. LEDs now also come in tape lights, and you can replace hanging bulbs with flat LEDs for a more contemporary look. Stringing larger outdoor lights — such as teardrop or Edison-style ones — is another option to create a cozy mood. “It sounds goofy but is actually a nice look,” Echtler says.

-Instead of finishing the space under the stairs, turn it into a storage nook.

Free-standing shelving units are easy to assemble and come in many widths, depths and heights. Musson created a pantry under her stairs with metal shelving for her home-canned goods. And if you want to dress up the steps themselves, try painting them. You can add sand to paint for extra traction or, as I did in my home, apply peel-and-stick anti-slip strips to each step.

-Instead of adding walls to define separate spaces, use tri-fold screens.

“They’re stable, sturdy and work well as room dividers,” says Musson, who uses one she found at a yard sale. Free-standing shelving units are another option, or you can consider using ceiling curtain tracks, which are easy to install and work with both curtains and drapes.

Instead of paying full price for furniture, buy discounted pieces. Shop in clearance sections or at big-box stores, such as T.J. Maxx, HomeGoods, Ross Dress for Less, Target or even Big Lots, says Shannon Vissers, a retail and shopping analyst for Merchant Maverick. “Amazon also showcases a variety of inexpensive furniture, and if you buy in the less popular colors, you can often receive a deep discount,” she says. “A mustard yellow beanbag chair can actually be a fun accent piece.” (Amazon founder Jeff Bezos owns The Washington Post.)

Acrylic folding chairs are a great way to add inexpensive but functional seating, Dormer says. Card tables also work nicely as flex furniture. Dormer suggests covering the top with contact paper and an inexpensive piece of glass to personalize the piece.

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