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My basement has a drop ceiling in a semi-finished part of it and we've removed many of the panels in the process of updating the house's wiring. With most of the panels off and clear view of how discolored and dusty they've become, we're thinking to remove the drop ceiling entirely and trash what's unusable or donate the panels and frame that are in tact.

Before we do so, I want to check what reasons there might be for keeping the drop ceiling and putting it all back together replacing damaged panels? I haven't been able to find a list like that though so I turn here.

We don't like the aesthetic or the materials, and we can use the extra couple inches of height we get. The joists showing above the drop ceiling are beautiful old beams, and we like seeing the utilities and guts of the house, making it easier to do maintenance as well. On the other hand, the house is drafty and on the 1st above ground floor, the wood floor is quite cold. Also very little sound insulation, and I know removing the drop ceiling won't help with that. Lastly, we'll probably rent the place out eventually, not sure if that has any influence on reasons to have drop ceiling or not.

Anything I'm missing? What should one consider before dropping a drop ceiling?

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    It's perfectly common for people to remove the drop ceiling and leave the frame as a decorative element. Often accompanied with painting everything above the frame flat black for contrast. Can look fairly nice. – Harper Mar 30 at 18:14
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I think you understand the pros and cons, as you have listed them very well. However, if you’re considering renting the basement space out in the future, your number one complaint will be sound control: in both directions.

Removing the existing ceiling and exposing the joists, wires, etc. is a personal preference , but will allow you to add/move lights, add sound control, etc. in the future when you know more about what spaces are going to be used in the rental.

We just did this for a client, but painted the ceiling white. I think black on a low ceiling could feel “weighty”.

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