The advantage of household props is that most of what you need is easily collected from your home. Household items can also be purchased at a department store.
When food is used onstage, it is sometimes consumed, but it's better if you can use a non-consumable prop. Take bread, dry it out, then lacquer it so that it can be preserved. Mold modeling clay to represent cheese and butter. In this way it can be used for several shows and it will even cut as if it's real.
In order to have swords that look and sound real during fight scenes, but are also blunted for safety purposes, consider purchasing proper stage swords from a prop supply shop or fencing club. Bow shapes can be cut out of plywood using a skill saw and then sanded and finished by putting a string across. Arrows can be constructed out of very thin dowels with an arrowhead made out of foam taped to the one side and feathers taped to the other side. A quiver is easily constructed using a half a mail tube, covering the bottom with paper, and attaching a strap to facilitate carrying. A simple retractable knife can be purchased at a prop supply shop and then decorated with acrylic paint and stick-on jewels to suit any show. You can usually get away with using a plastic, but realistic -looking, toy axe as a weapon.
Dummies can be made by stuffing clothing and a balloon or paper face for the head. A wig or hat can be used to complete your dummy. Simple puppets can be made out of socks or small brown paper bags. More complex puppets can be custom made or purchased online.
Practice painting and sculpting techniques in order to reproduce artwork and antiques for your theater production. If you are reproducing a certain piece of artwork, like a Picasso painting, practice that artist's technique so that you can duplicate it. Give props the antique look by adding smudges and scratches. Paper can be aged by ripping the edges and covering it in watered-down brown paint -- this is a better option than browning it in the oven, which causes the paper to become brittle.
Keep versatile material such as Styrofoam, cloth, modeling clay, paint, string and cardboard in order to be ready to construct whatever props you require. Consider renting large props whenever possible so that you don't have to deal with construction, disposal or storage.