I have very limited space in my house so I have used a few left over kitchen cupboards and put them in the garage.
Within the top cupboards I keep all my painting and modelling gear
In the bottom ones I keep all my models (well.. some of my painted models anyway. There is still a mountain of stuff elsewhere). These are kept in KR cases. I have a few cardboard ones and a couple of different size aluminum ones.
The smaller aluminium case actually holds all my Xwing stuff. The larger one is quite suitable for swapping out a current army to go and take elsewhere. The KR cases keep them nice and secure and dust free.
My painting table is actually the living room table. I take out the top hobby box and a large old towel and spread that out on the table, with a cutting mat on top.
In that I just about keep almost all my Vallejo and GW paints with the brushes and bits and bobs and a mat. The other hobby case is for modelling with spare bitz, lots of bitz, knife, basing material etc. I have a large box of modelling knifes and such like. On top of the cabinet is my compressor and metal box for stripping models.
For such a limited space I am able to keep everything neat, tidy and safe and it only means pulling out a box or two to get setup for a painting session. It does mean packing away afterwards and not being able to leave it out...but then with my 5 year old I would not want to leave anything out!
Models that are work in progress sit on a tray above a kitchen cupboard in the kitchen, out of harms reach and sight of everyone else.