basement

A basement is any floor of a building that is not above the grade plane. Especially in residential buildings, it often is used as a utility space for a building, where such items as the furnace, water heater, breaker panel or fuse box, car park, and air-conditioning system are located; so also are amenities such as the electrical system and cable television distribution point. In cities with high property prices, such as London, basements are often fitted out to a high standard and used as living space.