One of the few things actually known about housing is that it takes place in an instanced area, so to not crowd the actual maps of the Lime Odyssey world. You will create your house and it will be placed in an instanced area and you can also have your friends or guildmates build their houses near yours to form towns, guild towns, etc etc.
The furnishings of your home will have to be crafted or possibly will be able to be bought from a NPC, but a NPC is just speculation while crafting house furnishes is known. Not much else is known about the housing apart from that which ever life skill you choose varies what your home will look like,
Eg: You life skill is cooking so your house is deemed a resturant