Pressure wash the floor to remove all of the excess pealing paint. Then you may choose to get some paint stripper and apply it to the floor, let it sit for a bit and then scrape the remainder of the paint off. Fair warning, the whole house will stink, so you will want to make sure that you have proper ventilation and a few fans in the windows if you strip it.
Next, make sure that the floor is completely dry and free of debris.
Spend a few bucks on the garage floor product that you can buy at any hardware store and roll it onto the floor, just like paint. Entire project will run you anywhere from $200 to $500.What do I need to paint my basement floor?
Do you happen to know what it was painted with? Anyway clean it well with TSP and then clear water. Let dry and apply a couple of light coats of tinted water-based Kilz-t. Just get 1 quart.I use a small sponge roller and foam brush and place in a plastic bag in the fridge until ready for next coat. Let that dry. Paint the second coat on in the opposite direction.
You can get one quart of satin water-based paint and paint with that. If you want a unique look then you can faux finish over it with another color. I just use the little craft paints and plastic bags.
Go here and you can see all the concrete floors I finished in my house and the different techniques:
http://www.roomzaar.com/rate-my-space/Ga鈥?/a>
If you plan on redoing the floor in a year or so I would just seal it with a couple of coats of floor wax which can be removed with water and ammonia.
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