How did I miss jumping into this thread for so long?
Dan offers a very good summary in his last post. Every one has offered very good advice.
Its very easy to get carried away with tools. Let the work direct you. A little earlier this fall I decided to pick up WOOD magazine's workshop issue. I was hoping to pick up a few shop ideas. They profile about 12-15 shops. Of those, you could tell that only a handful were actually about the work, I liked those. Of the rest, OMG! Immaculate designer shops with all, I mean ALL the latest most expensive power equipment and accessories. If the work dictated the tools, then fine, but when you saw what was made in some, you just shake your head and wonder.
I've been full time for about 15 years, and have a family and wife who I feel the need to keep happy, sheltered, feed, etc. So, I don't get to indulge on anything for the shop that I can't justify by the work.
I don't have a tablesaw, I just don't have the space to dedicate to it for what it really offers me for my work. I DO have a good bandsaw. I couldn't find one used, people just keep them. If you can find one used, its probably not worth buying. The bandsaw is absolutely essential, as is a good jointer and thickness planer, plus the knowledge to use them well. I have a stationary belt/disc sander that I wish was much more substantial. I have a two drum flap sander that isn't used as much as I expected. And a dust collector that's not set up effectively. Small drill press and steambox.
That's all the stationary power equipment that I have. (Except for the old DeWalt RAS that I collected from the dump last spring, $1.50 in parts, a little attention, and it works great! I use it for clean crosscuts, etc.)
Other essential hand power tools on my list are, in no particular order,:
-4.5" angle grinder with 24 and 100 grit abrasive discs. I'm on #4 now I use them so much. I really like the Makita with the paddle grip.
-Random action sander. Don't buy any of the little ones, they're just toys. I use the Porter-Cable 6" variable speed one. The extra mass, while making it heavier, makes it easier to control by overcoming the gyroscopic effects of the disc, as well as reducing vibration to your hands.
-Router. I have two now, a big one that I can mount in a table, and a laminate trimmer. Flush trim and round-over bits are essential. I wish that I could have dedicated routers for the three most used bits.
-corded power drill for when your cordless battery craps out.
-electric hand planer.
Other essentials:
-sharpening stones
-smoother plane and block plane
-tapered pilot drill bit with Dimar carbide countersink. This is an essential tool!
-square
-precision 24" ruler, OK grade 12", 36" and 72" rulers, drywall square.
-lots of pencils. I'll sharpen a box of them and they'll live all over the shop so that I can always find one when the escape from their perch over my right ear.
-several utility knives so I can always find at least one.
-good vise.
-packing tape! several rolls set up with cutters.
-plastic beer cups, great form mixing epoxy and small amounts of paint.
-tongue depressors. You can't afford to make this many nice mixing sticks.
Of course, there are many other items, but they're general shop things. Paintbrushes, scales, chisels, screwdrivers.
Probably the most important asset in the shop is just open floor space for actually working. You'll read about how many shops are organized around certain work stations, such a the table saw, etc. Mine is organized around the center space. Therefore, everything is mounted on wheels. I can't stress this enough-make your shop versatile by having things mobile. Get good wheels!
I'll say this again because I feel that it is so important: make your shop versatile by making things mobile! Work benches, saws, and power equipment.