Congrats on the new house.
It helps a little to put your location in your profile....makes it easier to give you more accurate answers.
First off....you need to decide what you plan to do in the garage....that determines what you put on the walls. You will get all kinds of opinions on walls...but unless your doing hardcore fabrication and the garage is a workshop...drywall is fine.
Step #1...outlets and lights....I'm willing to bet that you have only one outlet and a single light. You can never have enough outlets and lights....do it now before you paint.
Step #2...paint the walls. Do a good coat of primer...then paint it with a semi-gloss or high gloss 'exterior' paint. If you use a heavy knap roller for both the primer and paint...it will put enough texture to hide any 'blemishes'.
Step #3....cabinets....you might consider watching Craigs list for someone tossing their old kitchen cabinets.
These are the cabinets in my garage....I got the doors and drawers from my in-laws house when my wife remodeled the kitchen for them. I made the actual cabinets out of 3/4" gray melamine. I had HD mix up a gallon of pant ot match the color....
And of course, no garage is complete without a place to set the cold beer....
There are more pics in the link in my signature...
If you want a lot of garage ideas, check out GarageJournal.com.....that is all the do over there.