I second the garage sales.
After 15 years in the weight game and being connected up the wazoo with people in the industry I can safely say that your best best for a overall Olympic setup with benches and all that would be through your local buy-and-sell or through garage sales.
Even a good friend of mine who is a manager of a Fitness Depot has recommended the buy-and-sell or garage sales before coming to him since free weights, even the cheap free's, have almost no profit margin built in. They make their money on the treadmills, universal gyms, trendy stuff etc.
The main reason is this:
Many people get into the fitness and weight lifting kick and are usually cyclical in nature. People move into different phases of their lives and/or move from house to house or house to condo or parent's house to condo ... all that kind of stuff. In short, people's lives change and you wouldn't believe the amount of people who all of sudden view their basement gym/free weight collection as being non-essential. Many people, in trying to get rid of hundreds of pounds of weights and equipment, will sell cheap as long as they know someone is going to put their equipment to good use. It's up to you to find these people and it's not that hard.
If you want to buy from a store many places will offer an Olympic set totalling usually around 300-350lbs with or without olympic bar for an attractive price (relatively). An olympic bar setup is nice because you can do all your compound movements with an oly bar and be done with it. If you are really worried about space and clunkiness then I would suggest looking into some PowerBlocks which is an integrated dumbell system that work real well but are relatively expensive.
A note about benches. Cheap benches are problematic because they may not be of good quality/imbalanced/poor ergonomically. I would strongly suggest trying before buying because some benches are quite wide and may not feel right for you. Those nice benches at the gyms that everyone takes for granted are NOT the ones that you will typically be buying from the fitness stores because they are actually quite expensive. Buyer beware. Also look for one that will incline (more importantly) and decline (less importantly) and possibly add attachements if you so desire.
If I may suggest, in the meantime while you are waiting for a change in scenery, do tons of ab crunches and pushups and leg lunges. If done for 45 mins 4-5 times a week faithfully for 4-6 months I GUARANTEE you that you will look awesome. Well, make sure you take care of your diet/nutrition and get enough sleep and be stressfree. You don't have to have weights because you really have all you need. I have a friend who for various reasons categorically refuses to participate in gyms and weight training from an equipment perspective. He does huge amounts of the abovementioned stuff and he looks great! He looks better than the majority of the schmoes at the gym AND he doesn't have to fight for parking, pay dues, pay for equipment and take the time to work out of home. He slays the girls at the beach I tell you. Guys come up to him and ask him about his "routine" and they can't believe it.
But I have to say, doing stuff at home is kind of boring. I'd rather be at the gym for the community feel and for the equipment that I don't have access to at home like squat racks, power racks, deadlifting weights and all that.
I'm starting to babble. Good luck.
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