So, for people who are coming on next time we play this...there's not a whole deal of housing space left, to be fair. There is some room over at the right hand side just before the snow mountain which isn't too big but it should be enough for people to build a big place on. As I mentioned in the actual game, we might just have to build a big-ass hotel like thing, so people won't necessarily be able to have a house...but you could decorate your apartment >_>
Most of TEOL and I were doing (when we weren't building the loveshack) was digging down in the mine just to the left of our house. It goes pretty deep so you'll be able to find it pretty obviously, I guess.
Also, people need to watch out on either side of our little area, the Eater of Souls are pretty prevalent around there and they'll have a good go at you unless you have a bow or something to take them out with ranged attacks. That's all I can think of for future newbies, anyhoo.