Congratulations! First and sometimes second homes are often a bit of a compromise between our ideal and our budget.
While saving for our first home my husband and I lived in a 600 sf home that housed my husband, me, my 16 year old niece, 3 dogs and 2 cats.
My brother had 2 kids and bought a 3 bedroom home. His 6 year old daughter got the master bedroom, 4 year old son got the next room and he and his wife took the smallest bedroom ( 10x12) because it had a door that went out to the back yard and they didn't want the kids somehow going out the door at night or being afraid.
Your solution may not be ideal, but there are some great suggestions here for storage solutions. You don't need to keep a ton of clothing hung in your bedroom. Just enough to get you through a week. The other clothing can be stored in another bedroom and switched out when you do laundry over the weekend.
The first photo by artistsharonva is a beautiful piece of furniture that would hold everything you need. There is plenty of room to walk around the bed - you only need 3' and lucky you, your bed can actually be placed where there is room to walk around the bed and not stuck in a corner.
You don't mention children or other occupants of the house or how you intend to use the other bedrooms. If you do have young children I may not want to be on the opposite side of the house. If you have teenagers you want as much distance as possible - maybe a duplex so you don't have to share space with them.
Good luck and enjoy your space.
Q