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I've been told that drywall is no good for basements because you can't get back into it once its up there. Maybe MDF is the same... Thanks

I'm finishing my basement for a cheap as possible. Would MDF be a choice for me? The only other thing I can think of is pinning up white sheets to cover the ugly boards and my uncle wants to nail the foam from the drop type celings up there so I'm desperately looking for something else.