I've taken over a room or 2 in the basement. We recently moved from an older house where the basement wasn't useable to a larger house with a full 1/2 finished basement.
SWMBO doesn't have any need for the basement so I've slowly started claiming areas for my own, seems to be working well so far.
As far as storage we were lucky enough to be even a complete kitchen's worth of older Oak cabinets, I'm using alot of those as storage.
Just make sure everything is clean before you put it away that way it's no big deal when your ready to make your next batch just rinse sanitize and go.
The large air tight Rubber maid containers work great too.. keeps the dust off things