No tool will see more use than a cordless power drill.
Lots of people are recommending 18V, but if you go with Lithium Ion you can easily get by on 14.4V or 12V. Lithium Ion batteries pack more power than the regular NiCd or NiMH batteries. so you can get away with lover voltages.
Plus it makes the drill smaller (versatility) and lighter.

I have a 12V Hitachi Li Ion, and I can easily bore (with a 1" spade bit) through several layers of floor and floorboards (a recent example).

Then you need a decent collection of drill bits and drivers.

If you are building a shed, you will need a circular saw too - corded.

Voting... Voted Vote as Best Answer

Don't overlook an air compressor. You can use it for 100 different things on it's own, and rent/borrow the big tools that you will use with it (framing nail gun). If you have a garage, get one.

Voting... Voted Vote as Best Answer

My 3 Favorites:( In no particular order)

Hitachi Table Saw We bought this 6 months ago, and has been a true workhorse around the house.

Dewalt Cordless Kit Everything you will need, and you can share the batteries with your friends as Dewalt is the number one seller in this category.

Dewalt 1 Gallon Compressor A perfect tank for 99% of the jobs you'll encounter around the house. Just get an appropriate gun for what you need. (I am not a crazy Dewalt fan, my father has this compressor and the thing works great!)

Most importantly: Don't buy cheap/crappy tools. You will be wasting your money. Get good tools that are going to last, and treat them as part of the family.

Voting... Voted Vote as Best Answer
1 person voted for this

The answer really depends upon what you want to accomplish with the tools. If you are just hanging pictures and doing the odd repair, 18V cordless drills are bulky and unnecessary. I like the Bosch 12V pocket drivers (Bosch 12V Driver:http://www.boschtools.com/Products/Tools/Pages/BoschProductCategory.aspx?catid=637)--be aware that if you get the driver, you will need drill bits with hex ends (Hex bits:http://www.amazon.com/Makita-T-01373-Piece-Impact-Drill-Driver/dp/B002MPQF1Y). If you really need power, a cheap corded drill has a lot more torque.

I'd recommend a miter saw over a circular saw for most home needs. Takes up more space and won't cut sheets of plywood, but for more common house things--trim carpentry (crown moulding, e.g.), light framing--it is a lot more useful. My favorite is the Festool (Kapex:http://www.festoolusa.com/products/sliding-compound-miter-saws/kapex-ks-120-sliding-compound-miter-saw-561287.html), but at $1300, that is an expensive saw. Delta, Porter Cable and DeWalt all make decent miter saws (or sliding compound miter saws if you want to spend more).

If you have to have a circular saw, think about a track saw. Much more accurate. The TS55, for example, is used by many as an alternative to a table saw for cabinetry--it is that accurate and clean (TS55:http://www.festoolusa.com/products/plunge-cut-circular-saws/ts-55-eq-plunge-cut-circular-saw-561174.html).

While you can get a cheap air compressor, you might think about something like the jacpac, which is a compressed CO2 cylinder that will drive air nailers (JacPac:http://www.jacpacco2.com/). Downside is finding a paintball supply to keep you in CO2.

Get a laser level. For home stuff, it is a huge help. I've got a little Bosch that actually has a vacuum pump that holds it to the wall, but I can't find those anymore. They seem to have ones that use reusable adhesive.

Get a stud sensor. Nearly anyone will do. If you are working on your house, knowing where the studs are is key for hanging anything heavy.

Voting... Voted Vote as Best Answer

If you own a house, a Miter Saw is essential. Spend a little more and get one with a track, it allows you to cut anything up to around 14", which is perfect for moulding, baseboard, flooring, door trim, studs, etc. I bought a Ryobi, it's a lower end brand, but their highest end saw cost me less than $150 and has worked great.

Also, an electric sander is going to save you a lot of time. Especially if you're doing a remodel & using a lot of the original woodwork.

Voting... Voted Vote as Best Answer

im big fan of all things Craftsmen.
Craftsman C3 19.2 volt 5 pc. Combo Kit:http://www.sears.com/shc/s/p_10153_12605_00911445000P?vName=Tools&cName=Portable+Power+Tools&sName=Combo+Kits
is a sweet kit for homes use.

Craftsman Professional 20 volt Lithium-Ion 3-Tool Combo Kit:http://www.sears.com/shc/s/p_10153_12605_00926325000P?vName=Tools&cName=Portable+Power+Tools&sName=Combo+Kits
I use this kit for just about everything

Voting... Voted Vote as Best Answer

Good question, and good answers so far.

I just setup my shop and did so in a graduated process, based on necessity and versatility.

Buy a hammer. A good one. A heavy one. A man's hammer.

Here's the list, and the explanations will follow:

1. Cordless Drill
2. Circular Saw
3. Compound Mitre Saw
4. Table Saw
5. Optional & Safety Equipment

Pick up a good cordless drill with 18V power. Spend the money. I use the Milwaukee M18. Overkill? Not if you never want to buy another drill, this thing lasts forever. Picking up a cordless drill in a kit with an impact driver is a good idea as well if you can find a good price, you end up with another battery, and another solid tool usually at a reasonable discount.

Pick up a good circular saw, CORDED. You can't use a saw if the battery is dead.

Pick a good compound mitre saw. This will allow you to cut compound angles, on an angle. Get a set of good sawblades as well, for a variety of uses. Overkill? Again, maybe. But versatility is key when you are first getting setup, especially if space is limited. Get the most efficient use of your setup.

The above tools are typically available in kits, with lots of batteries, and sometimes multiple chargers. A good sale can be worth it, but remember what you need and only buy THAT kit. If its an extra tool, its an extra cost. If you don't need it, don't buy it.

Outside of what can be found in a kit. BUY A TABLE SAW.

If you haven't used one, learn. They are arguably the most necessary piece of equipment you will ever own. If you want to work in the house, a lot of table saws have contractor style setups with wheels and dust collection bags for easy transport and clean up. Almost all saws these days come with anti-kickback mechanisms and safety features, and you can't really go wrong, even with some lower end choices. And once again, buy a variety of blades. Small/Fine kerf blades for neat work, rip blades, cross cut blades, or if you want to be simple about about it shell out for a high quality combination blade and you're set. This is not a matter of preference. You need to use the right blade for the right job, or you will be doing that job over.

Smaller scale tools that are also handy when working around the house: Sawzall/Jigsaw, Cutoff saw (a good quality blade is perfect for sizing moulding to length, but you can get this result with your Mitre saw as well)

Safety Equipment/Other:

Buy dust masks. Read the label, some of them are for show, some of them are actually effective.

Buy a respirator. Certain projects require it. A dust mask is not a substitution for a respirator, if a respirator is required.

Safety goggles. You know, nice ones. That look good. But are also safe.

Sawhorses. I use my foot as a sawhorse for quick work with the skilsaw but a couple good sawhorses are always a good investment.

Mitre Saw Stand. Some saws will come with a stand, most won't. It doesn't seem like that big of a deal, but man will it ever save your knees if you don't have to crouch down every time you want to make a cut outside of your shop.

This is just a general setup, with a wide variety of applications. Depending on your needs, more specialized equipment may be required down the road, such as planers/jointers/bandsaws/etc.

Hope this was helpful!

Voting... Voted Vote as Best Answer
1 person voted for this

Sorry for the double post, this one has the links. Uncrate, please delete the previous post.

Good question, and good answers so far.

I just setup my shop and did so in a graduated process, based on necessity and versatility.

Buy a hammer. A good one. A heavy one. A man's hammer.

Here's the list, and the explanations will follow:

1. Cordless Drill
2. Circular Saw
3. Compound Mitre Saw
4. Table Saw
5. Optional & Safety Equipment

Pick up a good cordless drill with 18V power. Spend the money. I use the Milwaukee M18. Overkill? Not if you never want to buy another drill, this thing lasts forever. Picking up a cordless drill in a kit with an impact driver is a good idea as well if you can find a good price, you end up with another battery, and another solid tool usually at a reasonable discount.

Milwaukee M18 Cordless Drill : http://tinyurl.com/yedhgo5

Pick up a good circular saw, CORDED. You can't use a saw if the battery is dead.

Makita 7 1/4" Circular Saw: http://tinyurl.com/ycryvrn

Pick a good compound mitre saw. This will allow you to cut compound angles, on an angle. Get a set of good sawblades as well, for a variety of uses. Overkill? Again, maybe. But versatility is key when you are first getting setup, especially if space is limited. Get the most efficient use of your setup.

DeWalt 12" Compound Mitre : http://tinyurl.com/yjv9ydg

The above tools are typically available in kits, with lots of batteries, and sometimes multiple chargers. A good sale can be worth it, but remember what you need and only buy THAT kit. If its an extra tool, its an extra cost. If you don't need it, don't buy it.

Outside of what can be found in a kit. BUY A TABLE SAW.

If you haven't used one, learn. They are arguably the most necessary piece of equipment you will ever own. If you want to work in the house, a lot of table saws have contractor style setups with wheels and dust collection bags for easy transport and clean up. Almost all saws these days come with anti-kickback mechanisms and safety features, and you can't really go wrong, even with some lower end choices. And once again, buy a variety of blades. Small/Fine kerf blades for neat work, rip blades, cross cut blades, or if you want to be simple about about it shell out for a high quality combination blade and you're set. This is not a matter of preference. You need to use the right blade for the right job, or you will be doing that job over.

DeWalt 10" Job Site Table Saw : http://tinyurl.com/y8skyfh

Smaller scale tools that are also handy when working around the house: Sawzall/Jigsaw, Cutoff saw (a good quality blade is perfect for sizing moulding to length, but you can get this result with your Mitre saw as well)

Safety Equipment/Other:

Buy dust masks. Read the label, some of them are for show, some of them are actually effective.

Buy a respirator. Certain projects require it. A dust mask is not a substitution for a respirator, if a respirator is required.

Safety goggles. You know, nice ones. That look good. But are also safe.

Sawhorses. I use my foot as a sawhorse for quick work with the skilsaw but a couple good sawhorses are always a good investment.

Mitre Saw Stand. Some saws will come with a stand, most won't. It doesn't seem like that big of a deal, but man will it ever save your knees if you don't have to crouch down every time you want to make a cut outside of your shop.

This is just a general setup, with a wide variety of applications. Depending on your needs, more specialized equipment may be required down the road, such as planers/jointers/bandsaws/etc.

Hope this was helpful!

Voting... Voted Vote as Best Answer
2 people voted for this

A good drill kit is the dewalt cordless drill. We use them in construction at school and they hold up great.

Voting... Voted Vote as Best Answer

A corded drill Skill 1/2

A good jigsaw

An angle grinder

A basic flux core welder

Why these?
I've been through roughly five cordless drills in the last twenty years, and still have my Skill corded drill. Cordless drills are nice, and have their place, but given a choice a corded will last for decades. Plus you can put it in a vise and chuck a grinding wheel in it, get a buffer wheel, put in a sanding disk, use a wire wheel for cleaning, etc. The cordless don't work so hot for long duration task like that.

A jigsaw and not a circular saw? Yup. You can cut a straight line with a jigsaw, but can't cut a circle with a circular saw. Plus there are blades for plastic and metal that work better than the circular saw equivalent.

An angle grinder and welder? You can cut, prep, and clean metal with the angle grinder. A flux-core welder is about as hard to run as a caulking gun. Get these tools and be amazed at how much faster it is to make things out of metal than wood. Look at how many items you own that are made of steel. A welder opens a whole world of modification, fabrication, and repair.

Voting... Voted Vote as Best Answer

A corded drill Skill 1/2

A good jigsaw

An angle grinder

A basic flux core welder

Why these?
I've been through roughly five cordless drills in the last twenty years, and still have my Skill corded drill. Cordless drills are nice, and have their place, but given a choice a corded will last for decades. Plus you can put it in a vise and chuck a grinding wheel in it, get a buffer wheel, put in a sanding disk, use a wire wheel for cleaning, etc. The cordless don't work so hot for long duration task like that.

A jigsaw and not a circular saw? Yup. You can cut a straight line with a jigsaw, but can't cut a circle with a circular saw. Plus there are blades for plastic and metal that work better than the circular saw equivalent.

An angle grinder and welder? You can cut, prep, and clean metal with the angle grinder. A flux-core welder is about as hard to run as a caulking gun. Get these tools and be amazed at how much faster it is to make things out of metal than wood. Look at how many items you own that are made of steel. A welder opens a whole world of modification, fabrication, and repair.

Voting... Voted Vote as Best Answer

Drill is the core element in any tool set. If you're a weekend warrior or have a wife who has a daily project list, you'll need a decent drill. Skip this answer if you get paid to use your drill.

I recommend a set of lithium battery powered tools. The set is an easy way to start your tool collection and they're pretty cost efficient:
_easy to transport
_batteries exchange easily (get an extra)
_you'll use everything in the set at one time or another

Product Name

Voting... Voted Vote as Best Answer
1 person voted for this

Answer This Question

Please provide links to products you recommend or your answer will not be accepted.
Use this code to make a link.
"Product Name":http://www.example.com (Put product name in quotation marks, followed by a colon, then the URL. No spaces.)

Related Questions

Where can I peruse photos of home bars?

What is the best sleep-sofa for a small apartment?

Should I go with Engineered Hardwood or Laminate flooring?

Pavers, natural stone, or stamped concrete for patio?

Where can I find good online design advice to help me set up a new apartment with comfortable and classic style?

What is the best pillow one could buy?