[Crex]

Where is your fresh air/return for you heater/AC? If in basement it will pull all that dust into the rest of the residence...not good. If you plan to use a grinder and other dust making power tools this is an issue. If you are just using hand tools you don't have much to worry about.
Otherwise, plan on your first major purchase being a dust collector/air cleaner unit. A shop confined to an enclosed basement is not only bad for you but for entire family. Think things over carefully.
Another option would be to rent time in an open shop somewhere nearby.

You only get your health one time.