I have my industrial serger in my basement and have recently started cutting fabric there. It's not as cheerful as the upstairs in my house, but I don't have the hassle of cleaning up every time I am interrupted (which seems to happen often) and can pick up where I left off when I get back. My washer and dryer are down there as well and since I bought an Accuquilt, I have never been so caught up on laundry. Our basement is damp and cold, but we have a pellet stove down there that my husband starts early in the morning or sometimes we leave it on all night so it really cuts the chill and dampness. I have had people tell me it's depressing to be in the cellar all day, but I find it relaxing to cut my fabric and listen to music and am always amazed at the amount of work I can accomplish.
I would go for the basement if I were you and make it your space. Maybe a carpet under your feet would be good to keep away the chill and better for your knees standing on a cement floor. Whatever you decide, I hope it's the best for you. Welcome to the quilting board, it's addicting!