Spinoff to wood paneling

If we decide to buy my parent's house our only project we would have is to re-do the basement. It is already finished and pretty nice as is, but the walls are wood paneling that my parents painted cream a few years ago. It actually looks pretty good, but if we move in we are definitley going to sheetrock it.

I know there are many determining costs that go into it, but does anyone have a ballpark figure on how much it would cost to sheet rock a basement? Am I looking at $5k, $10k, etc...I am really clueless and have NO idea what something like this would cost.

Thanks!

Re: Spinoff to wood paneling

we took down some paneling in our dining room. It turned out that the sheetrock underneath it was in pretty good condition. It just needed some touch ups... so it wasnt expensive at all to fix...

Re: Spinoff to wood paneling