Over the 48 years that we've been married (18 years active duty USAF and moving around a LOT), there were some homes we lived in where I had no place to sew so I did none, except for mending. There were other homes we lived in where I could and did make a little area to sew, just as you are planning to do.
When we first moved into this house 30+ years ago, the basement was still just roughed in and, again, I had no place to sew. Yardwork, cooking, cleaning, raising 3 kids and holding down a full time job kept me truly busy, though. Ultimately, we ended up with 3 more bedrooms in the basement; the kids are grown up long ago, so now I have a sewing/cutting/fabric storage room downstairs and a combo. bedroom/sewing room upstairs. If we close off part of the basement in the winter and have the wood burning stove going, it will heat the entire rest of the house very comfortably. My downstairs cutting/sewing room is in the closed-off part and gets pretty frigid, so I make sure I have plenty of projects to work on upstairs.