When we purchased this house (nearly 4 years ago!), we were thrilled by the crawl space under the living room. While 'crawl space' is probably not the correct terminology because the ceiling height is about 6', we had always planned to turn the space into a playroom for the girls. Fast forward a few years and the girls have more than enough toys for us to need a dedicated place for them.
The room was sheetrocked, lights were installed and the seams were taped, but none of the seams were finished when we purchased the house.
It was quite a process, the first step was to finish the spackling and sanding of the seams and nail/screw-holes and then the finish work. Next I got the shelves hung and we started on the painting/priming. Alison picked the paint colors. I picked the walls that I wanted to paint in each color. Just before we were to get the carpet installed we realized that there was a problem because we had a sloped floor drain in the room. After exploring our options I decided to keep the drain intact, but to level the floor out to be smooth with the floor in the rest of the room.
Carpet was installed and now we love having the room done. Our biggest complaint is that the room is always quite cold, but lights and bodies warm it up. It is great to have a place to keep all of the girls' toys where we can just shut the door and ignore the mess.