Basement would involve about half the cost for room conversion. So about 220 instead of 440. As for equipment, even going with high quality stuff, bumper plates would be a waste, and those sell for $1.50/pound. New conventional plates are about $1/pound, used can be found, with a little patience and digging, for about $.50/pound. Bumpers are obviously superior, but only if you really have the height for them, and to use them for more than just basic moves.