Turn your ranch house basement into a rental unit if it has a separate entryway. Transforming the basement into a livable area presents the opportunity for additional income to help you pay the mortgage. Depending on the size, you could opt for a one-bedroom apartment or go for an open studio floor plan. The space could also be used as an in-law suite, a home for live-in help such as a nanny or an apartment for a child who's a new graduate getting started in the world.
Segment your ranch house basement into several different areas to compensate for a lack of space on the main floor. If you're tired of having your washer and dryer upstairs, turn one section of the basement into a dedicated laundry room. Turn another spot into a craft room where you can store all the items needed to pursue your hobby. Separate the different spaces by building walls in between. Other potential rooms include a music room, home gym or guest room.
Turn the ranch house basement into a teen hangout. When the bedrooms and living space are on the same floor, loud teenagers can keep parents awake late into the night when their friends come over. Transforming the basement into a teen space can help you rest easier, confining the noise to a different level of the home. Let the teens be active in deciding what features they'd like. Let them choose paint colors, comfortable seating accessories and wall hangings that suit their tastes. Allowing them to assist in the planning gives them more of a sense of ownership.
A ranch house basement is likely very dark. Take advantage of this fact, and turn the space into a home theater. Devote one wall to a large flat-panel television and speakers. Another option would be to install a projector from the ceiling and a screen on the wall. Install soft carpeting if water and moisture damage isn't a concern, or opt for outdoor carpeting instead. Place comfortable seating like reclining chairs or beanbags in front of the viewing area. Devote one corner to a snack space, and put in a mini-refrigerator, microwave and shelves for food storage.