I have a house from 1955, where the basement has been finished with lighting, carpet, interior walls, etc. I don't know when it was finished, only that it was so when I moved in.
The strange thing about this basement, however, is that the exterior walls don't appear to have ever been framed and drywalled. The walls appear to be just painted on the exterior concrete foundation.
I find this really strange, but I assume it was done as a cost-cutting measure by someone who finished the basement themselves.
My question is, what should I do about this situation? Do my exterior walls need to be properly framed and drywalled? If I don't do that, what negative consequences will result? I'm trying to figure out if the benefits outweigh the cost of properly framing the basement, and whether there are any negative consequences that might arise should I choose to not frame the walls.