Is your home on a historic registry?
This type of home generally always has a basement that needs a facelift, so to speak. Many homeowner’s who own historic home, move to renovate the basement because of this fact. Additionally, because the house holds a historic value the town or neighbourhood bylaws prevent any change to the visible, (outside), parts of the structure, such as adding to the structure by attaching an extra room.
This makes renovating the basement the next best thing to do. However, waterproofing the basement of a historic house tends to turn problematic and can get expensive. Therefore, do the research and learn about waterproofing and what materials are best for the project beforehand.