Sleeper sofas are usually really uncomfortable and weigh a bloody ton. If I was interested in allowing people to stay over, I'd get an airbed. I prefer to make hotel recommendations.

I have all of these things, except the drop leaf table. I like to throw dinner parties, so I have smaller Danish table that seats 8 when the leaves pull out from underneath. I bought a storage ottoman from World Market (Crate+Barrel has them too) which doubles and an end table that I love. Another small space solutions: keeping all my grooming supplies in an art deco vanity frees up the one bathroom for the other family members. The hair dryer is mounted to the back of the mirror.

Sofa beds don't have to be uncomfortable! When I first moved out, that was my regular bed - and it is one of the most comfortable beds I've ever slept on. An airbed is always a good option, but I hate sleeping on the floor - and they can be hard to guarantee if there are pets in the house. So even an airbed mattress on top of the sofa bed would work for added comfort and elevation. It's the best of both worlds (and you can store that air mattress in the ottoman!).

I wouldn't necessarily say that wall shelves are an essential, though they can be very helpful. I do have one in our makeshift entryway, and my in-laws have one above their stove (maybe they are an essential). When I move, it'll probably live above my desk so things like pens/knitting needles/paperclips are elevated and easier to get to.

I've had storage ottomans since I was in college. They are the perfect addition to any space. I have two in my living room, and one in my bedroom.

I love my drop leaf table, but you have to have the seating as well. We have two folding chairs (that used to belong to my parents) and some seat cushions if we have extra people over. It's marvelous.

Baskets are magical. My only requirement is that they have to fade into the background. They can't be front-and-center to your life (my mom had that problem). So I only have them if they are needed. So far, I'm glad I have a few. Little bowls and pottery are nice as well.

Thanks for the ideas.... My friends are renovating a small home and the ottoman would make a great house warming gift! I used to live in a small home and I completely agree with the sofa bed and drop leaf table suggestions. In smaller homes that I've lived in, I've always had high ceilings as a lot of older homes in Melbourne do. If you can get floor to ceiling storage on even just one wall, you'd be amazed at how much you can stash away. As for baskets, I still use them in my home today despite having a larger home as I hate clutter. :)

I don't have room in my tiny apartment for a pull-out couch (I barely have room for my old loveseat) and when weighing the pros and cons and costs of an airbed, I decided that a good cot would work much better. Airbeds never seem to last as long as I think they should and they're expensive. My cot is great for me to sleep on when I have guests, and it comes apart and breaks down to almost no storage space at all. My guests I'll give my bed and bedroom, to give them what little privacy my apartment offers.

Because I don't have enough room for a dining table, I've made my coffee table (which is more like an end table) do double duty: I had my dad build me a simple topper that fits over the top of my table and doubles the tabletop area. The topper fits under my bed when I'm not using it (it's only 2" thick). Perfect for whoever is sitting on my loveseat and chair.

In place of the fold out sofa bed, I remember my parents used to have a ligne roset fold down sofa bed. It looks like it might have been something like the Nomade-express.

I've never heard the term before, but it looks like it may be called a "click clack" mechanism, and it made for a very comfortable and less ugly form of a futon/sleeper sofa type thing.

I've slept on those air beds often as a guest and I will take a sofa bed, or just a sofa, any day. I always fall off the air mattresses, sliding on the plasticky surface.

Thumbs up for an air mattress, I don't like to be limited to sofa beds for my seating options, especially in Hawaii where furniture buying options are limited as it is. Ditto on the ottoman, I use my black leather one with storage for everything. Yes, yes yes to floating shelves, here's to never trying to clean up dust under and around over the toilet shelving ever again.

I would also add the following to my list:

Trays - To convert ottoman to a coffee or end table, to use as a meal/beverage tray on couch or bed or to rest laptop on while on lap. Can also be used to store/display rolled linens, scarves or various collectibles. West Elm has got some that can even become a table if you buy the bottom piece.

Cubitec or similar -I have three sets that have been reconfigured when I move to accomodate whatever space I'm in. Strong and easy to clean, allows you to compartmentalize your items for a neater look than regular shelving. In my old place, I had as one piece covering an entire bedroom wall. In my new space, I split into 2 pieces, one for my living room storage and another next to my desk in my bedroom. You could also use to make an end table, storage in the bathroom, closet, possibilities are endless.

Sapien bookshelf - I have the taller size from DWR, holds 70 books in ~24 inches of space.

Chrome industrial shelving - I have this in my closet (ok, I've got a huge closet in an otherwise small space). What I like about this shelving is its strong, you can see everything, the shelf heights are easily adjustable, can break it down when you move (or to store) and the best part is.... you can hang stuff off the sides or front using the s hooks. I've got my ironing board, tennis racket bag and snorkeling set bag all hanging on mine. Affordable at your local home depot or other hardware store. This shelf is also great in the kitchen.

A simple clean lined, not too deep desk, like a parsons. I love my parsons because it is versatile, it can be a desk or a console table, depending on my need.

Another trick I use is to use some of my pretty mugs and raku bowls/plates as storage vessels. A pretty mug sits on my bathroom vanity storing toothbrushes, a large raku plate in my pantry holds leaky items like olive oil and a raku bowl on my desk as a landing area for keys, change, etc. Frees up cabinet space for items that would otherwise be rarely used.

I just ordered the Koizol briq stools and can't wait! They stack, can be used as seating, as an end table or flipped over to store mags/whatever or even filled with ice & used as a cooler. What's not to like?

Forgot to mention the multitasking of the sapien... To a book lover, it looks really beautiful to see their book collection to appear to be floating on the wall.

When I moved across the country with no furniture I learned to make my airbed (my ONLY bed) as comfortable as possible. A thick foam layer topped with an extra deep fittted sheet makes an airbed feel like a dream. But I was a little too poor for that so I just used a thick twin sized comforter that I already owned and put that underneath my Queen size fitted sheet. It helps to insulate and cushion and makes a HUGE difference. I always use this trick when I have guests over for the night and they are all pleasantly surprised by how comfortable it can be!

I particularly like the baskets idea, and we really could use an ottoman or two, too. I like another commenter's suggestion for trays as well.
Just a wee friendly proofreader's tip: if you care about fiddly things like transitive versus intransitive verbs (most people probably don't), you "lay your head" (lay is transitive and takes an object) and you "lie down" (intransitive/no object), but you don't "lie your head". And for the really persnickety, "myriad" is an adjective, not a noun, so "myriad ways" is preferred over "myriad of ways", but I'm only pointing them out in case you care, not to be a jerk.

Hooks are an amazing space saver! We have three in our bedroom which is perfect to hang pj's or jeans for the next day. Keeps stuff off the bed and floor :-D
Also, using the walls in your kitchen to hang utensils/pots and pans. Clears up drawers and cabinets. If you're like me, having only two kitchen drawers helps you figure out how to maximize your space. Especially if you're really into cooking!

I'm a basket fanatic (sort of). I have a small one on my bathroom sink, topless ones with handles to hold paperwork,journals, and various shaped closed ones for fabrics/patterns. I'm always going thru my fabrics, and its great to stash the pieces I tell myself I'm going to use right away into a beautiful basket. Some live on my room divider, and some live in a corner of my living room. Smaller items live in beautiful metal containers,which include cookie tins, and even a Chivas Regal can that someone gave me.

@jdens, we're totally off subject but...I can't believe how many people can't distinguish between "they"re, there, and their".

@ArtsyGirl, I think it's usually less a case of being unable to distinguish between them than typing very quickly based on what we "hear" in our head. I know I'm not the only one who occasionally writes "whose" when I mean "who's", etc, and I know the difference. Just a common glitch when we take language, which is primarily oral and audible, and make it visual. But as you say, we're totally off subject, and I'm letting my linguistic nerdiness run away with me.

Hey, maybe I should I let it influence my interior design and do some sort of ode to the Oxford comma or something?

Jdens, you are absolutely on target. When we write comments online or send a text message, we are in a way "speaking", not writing. I have made mistakes I would never make when writing business correspondence (including emails) or short stories. I do find I've typed their when I meant there, too for two (or to) and drier for dryer (& I sure as hell know the difference). The iphone autofill also often messes me up, I don't realize an undesirable word has been substituted until the item has posted.

This is why I would never call out someone's comment for grammatical or spelling accuracy. I do think you were noting an error in an article, which is a whole other thing.

im seeing more and more #2 in my space *heehee... love wall shelves =)