That’s a great question because dust control is often overlooked when setting up a shop. You’re wise to address it right up front. Wood dust is a known human carcinogen as well as leading to allergies and respiratory problems.
Although many people beginning their woodworking hobby use a shop vacuum to collect dust, there’s another option that costs less, operates much more quietly and collects way more dust. For about $250 you can buy a 1 hp dust collector made especially for use in a small wood shop. That’s less than you’d spend on any shop vac that you’d consider for your needs. Most woodworking tool manufacturers make small dust collectors. The model I’ve used sits on wheels, and that’s a good thing. I suggest you move it from machine to machine for a while, until you get a feeling for where permanent piping would be most useful in your set up.
To capture dust from hand-held sanders, consider a sanding table, too. It connects to your collector and draws dust down through holes in the work surface. An ambient air filter is also worth considering. It hangs from the ceiling and captures stray dust that slipped past the dust collector.