What are the best practices for maintaining version control of custom common business objects?

Summary:

What are the best practices for maintaining version control of custom common business objects like lookup types, UDTs, Value sets?

Content (required):

We would like to maintain export and maintain the version controlling on custom objects lookup types, UDTs, Value sets. What are the best practices to achieve this. Can we do it through configuration packages?

Version (include the version you are using, if applicable):

Code Snippet (add any code snippets that support your topic, if applicable):