Words spoken by one who hasn't yet had the joy of a wet damp basement and lost the collection of family heirlooms, photos, books, tools, etc stored in the underground vaults of America. Just because people do it and have done it for years doesn't make it the best option available to us. I've seen the driest of the dry basements suddenly become wet in that freak "100 year" storm. Don't count on an electric pump to say you either for these freal storms usually take out the power supply fairly quickly.
We just had a hundred year storm in my town (100 mm in 24 hours with 200 mm within a week) and my basement is dry as a bone. Constructed properly, their is no reason to flood.
I knew "you" would chime in saying "my basement is dry as a bone", good for you! Count your blessings for you are indeed blessed but sadly also in the minority. An entire industry exists because of wet basements being so widespread!
Don't get me wrong, I see the appeal of the space, sadly I've also seen way too many problem plagued basements! The key is your term of "constructed properly", in the real world, it is rare that "properly" happens!
As I said, be smart, spend your money to enable you to dwell above ground instead of below grade! You won't regret it.
Dave