I generally set up a small-ish shack somewhere in the meadows, somewhere near the standing stones, but along the water if possible.

This is always a temporary "camp" for me, just good enough to get me through the Eikthyr battle, and usually make a more permanent home in the Black Forest, under the Elder Altar.

I dig out all the land under the altar and set up my main base there for 2 reasons... SAFETY (one of the safest base locations Iv'e seen), and proximity to copper mining... (way easier to haul copper / tin back to a base within the same biome)

https://steamcommunity.com/sharedfiles/filedetails/?id=2855621495

Note: in this screenshot, I was in creative mode in order to place stone walls, but when I actually play, the walls remain dirt (or wood), until I unlock the stone cutter... Still safe either way.

Generally I stick with a simple layout, with a fire in the center and all my work stations and storage around the edges...

https://steamcommunity.com/sharedfiles/filedetails/?id=2434836833

Other times I really take time to make it fancy under there...

https://steamcommunity.com/sharedfiles/filedetails/?id=2858877780

https://steamcommunity.com/sharedfiles/filedetails/?id=2858869195

https://steamcommunity.com/sharedfiles/filedetails/?id=2858867908

https://steamcommunity.com/sharedfiles/filedetails/?id=2858966733


There's no real "right or wrong" place to build your base, as long as it can be made safe against the eventual raids that will happen during the normal progression of the game.