I think much will become clearer as you live in the space. Although I am no genius at reading plans and obviously they can only convey so much anyway, I can see tons of opportunity to make the space workable by creating storage, but whether it will work for you depends on your personal style, how your family interacts, and things like how the drafts are, where the light falls, and what views you like, etc. As a general principle I think I would plan on dividing the space with furniture, whether a couch or a wall unit, and also having lots of shelves against the walls with other furniture pulled away in front of them. There seems to be a dearth of walls due to windows, so you will have to use what walls you have and maybe create a bit of one as a room divider. You can also put shelves in front of windows if the views are not great or you don't need the light. I've done that in our bedroom where the curtains are never opened anyway (window is to front porch). I also would NOT give the children's toys priority over household storage. Toys change so quickly that you can make provisional storage for what they are playing with at any given time much more easily than you can adapt the only household closet to adapt to this year's toys. I come from experience on this - I focussed too much on toys and not on making the household work. My kids are grown now and finally I am able to prioritize a logical house. Storage locker might help, even just a small one. As for rent vs. buy, this is clearly weighing on you as you are maybe uncertain of having made the right decision, otherwise you would not have mentioned it in this thread about organizing! Obviously places and times may differ, but I don't know anyone who stuck to renting for decades and was glad they had. Equity is less the issue to me. What you want with kids is housing security, and that's hard to get in a rental. Karin L

First I have to ask, how committed are you to keeping the big giant blow up bouncy houses in your living space? There is just no hiding them or disguising them. So if you really want to keep both of them, you will always have a room that screams toy haven. Is there a spare bedroom where you can keep the larger one? Or reserve it for use outside? I think the front room will work really well as a child's play area. Using creative storage, covered baskets or even cubes on your white book case can help conceal some toys. Since you are facing into the living room when entering from the front door, if the room with the fireplace is arranged in a cozy manner, that will be the first thing you see. Is there any way you can put the couch beneath the window, and the TV next to the fireplace where the white chair is? This way when people walk in they don't see the back of the couch and the TV facing them. Maybe you can move the chair to the corner of the play room, with a small storage cube ottoman in front to hold toys. I agree, I think your dining area should stay close to the kitchen in the blue room. Otherwise it will be completely impractical when serving dinner or having guests over for a meal.

I'm not sure you can walk around in your space with plan B, even with all the stools pushed in. If a bistro set fits in the kitchen without blocking the corner cabinets/fridge, then do that, and use Beverly's layout with an arm chair facing the couch -- you should be able to walk around that to various ends, and can sit there (or at counter) when in the mood to admire the view. You don't want to make watching TV acrobatic, nor moving around the space -- you will be admiring the view for much of the day while living your life...

Choose a washable carpet. Ruggables has them, but can be expensive. Amazon has a line that gets 5* ratings which is much less expensive. (I'll see if I can share the link). https://www.amazon.com/nuLOOM-Machine-Washable-Tribal-Motif/dp/B09BGTFN4D/ref=sr_1_17?crid=1O8E3GZXTHL13&keywords=nuloom+washable+rugs+8x10&qid=1658585092&s=home-garden&sprefix=nuloom+was%2Cgarden%2C78&sr=1-17 Nuloom has lots of colorways and patterns. You want the rug to be at least 3' larger than the table (all around). You want to be able to secure it to the carpet. https://www.amazon.com/Slip-Stop-Rug-Carpet-Slip-8x11/dp/B09QS999SG/ref=asc_df_B09QS999SG/?tag=hyprod-20&linkCode=df0&hvadid=586831101576&hvpos=&hvnetw=g&hvrand=2189449317783484126&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9002109&hvtargid=pla-1655586495016&psc=1