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A plastic vapor barrier should completely cover your basement to prevent water from penetrating through the walls. This typically goes before installing insulation to prevent moisture from building up and becoming trapped on the inside of your insulation, where it can collect and lead to mold damage. Installing insulation after the vapor barrier allows for any moisture to exit the walls for better ventilation.

Drywall insulation costs around $1,800, on average, but prices can range from $500 to $4,500, depending on a few different factors. The following things are important considerations to make when pricing out your insulation project:

• Square footage of insulation

• Type of insulation 

• Climate in your area and the insulation R-value required

• Whether or not your walls are already finished

• Accessibility of the area 

• Whether or not you need old insulation removed first

The life span of insulation is between 20 and 100 years. At that time, existing insulation can fall victim to gravity, resulting in compression, which reduces its insulating protection or R-value. If you can't simply add more insulation over the existing material, removing the old to increase the effectiveness of the new can reduce your energy bills and make the project worth the time and money investment.

Installing sheets of plywood over attic insulation is a popular choice, especially in storage spaces. That said, insulation works by trapping hot air—so it needs extra space to expand and be effective, or you might reduce the energy efficiency of your home. 

It’s important that you never compress the insulation by installing flooring directly on top of it. In many houses, you’ll need to install a subfloor before putting plywood over insulation in your attic.