It depends on where you live. If it is where you get cold winters, you will need to insulate. If it is where it is moist/hot in the summer you will want air conditioning. Machines like comfortable living conditions to operate well. A coat of paint on the chip board will brighten it up and if you put in floor to ceiling shelves, you won't see it any way. The flooring again, will depend on where you live. A laminate wood floor can go down on cement but it needs a vapor barrier and insulation.