Talk to your Building Inspection Department to see if any permits are required.
They will let you know what you need to do to protect your family in case of a problem.
What you will want/need to have is a second egress, (way to get out), smoke detectors, carbon monoxide detector, etc.
If your money is short, do the required work first then work on the trimings. If you don't, you will end up placing your family at risk!
What would you do if the whole family was in the basement and a fire broke out in the kitchen?
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