Some might expect to see a cordless drill on this list, but when we're talking about basic power woodworking tools, a corded drill is more versatile and powerful. Sure, the cordless is, well, cordless, which makes it more portable, but corded drills are less expensive and can do more than a cordless drill. There are some options to consider when choosing a corded power drill, such as whether you want a 3/8-inch or 1/2-inch chuck, keyed or keyless chuck, straight drill or hammer drill, and so on. Learn all about these options (along with some suggestions on what to look for when shopping) in this article on corded power drills.

A try square is used to square up your workpieces for precise-fitting joints. If you’re not confident enough to build your own try square yet, you should purchase a good metal try square (somewhere between 9 and 12 inches). It’ll be used for scribing square lines around the faces and edges of your boards, such as a line for where to cut with your saw.
To start off you only need either a 1/4-inch or 3/8-inch mortise chisel (or some size close to those). I prefer 3/8-inch. You don’t need a whole set of mortise chisels. Mortise chisels (also spelled “mortice chisels”) are used for chopping mortises (rectangular holes) into the side of your board to accept the insertion of a tenon. “Mortise and Tenon” is a very common and very strong joint that most people have heard of.

In the sixty years of woodworking I have found two tools of increasing necessity. One is a band saw. I can do most of my work with a band saw and hand plane. The second tool is a bow saw, or actually several bow saws. They will replace the band saw if required, though they are slow. One I made about twenty years ago has a one and a half inch wide rip blade and is about thirty inches long. I think the blade is from an old industrial band saw blade I picked up and sharpened into a rip saw blade. It works very well on ripping lumber, logs, etc. Though it tires me out to much to use it now.
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1. Power jointer and thickness planer. I have developed various means of straightening the edges of my stock with hand-held tools, but I don’t see a way to efficiently flatten the faces of rough or reclaimed lumber without a power jointer. It’s part of the first few steps for any furniture project, and I want to be able to move through this step quickly and into the more interesting work. The thickness planer is also a huge time-saver, compared to hand-held tools.
While some people consider the circular saw to be more of a carpentry tool than a fine woodworking tool, but some would disagree. There may be no more versatile basic handheld power tool than a circular saw. When used with a clamp-on straight-edge, the circular saw can be just about as accurate as a table saw and handle quite a few of the tasks that one would attempt with a table saw, particularly cutting sheet goods such as plywood or medium-density fiberboard. When woodworking on a budget, a quality circular saw should be the first handheld power tool purchased, as it is the one that will likely be the most useful as you get started.
A Jack Handplane is a middle size “bench plane” (i.e. planes that are used so often that they are usually on your workbench). If you’re on a budget a jack plane can temporarily be used in place of other planes that perform specialized functions: (1) rough stock removal (if you buy a second iron/blade and shape it with a curved “camber”), (2) jointing board edges (as long as the board isn’t over 3x the length of your jack plane), and (3) smoothing the boards.
If you can buy a bunch of tools at one time, you can save a ton on shipping, as the more you buy, the lower the rates. Also, take advantage of free shipping offers. Compare to see where you can get the best deal. Whatever you buy, make sure it is high quality. I have a Nicholson backsaw I bought at a local store before I knew of the woodworking suppliers. It has never been used much, but cuts much slower than saws such as Gramercy or Lie-Nielsen, even though mine have smaller teeth than the Nicholson.
I agree, that’s a nice and easy set up to start with. I’d say a block plane it’s handy for small areas, and touch ups. A no.5 is excellent but a bit heavy and tiring sometimes. I find that a nice rabbet block plane (shoulder + block) with two irons with different sharpening angles it’s essential to me. One fine flat rasp and a medium flat file would complete my set.
I use chisels perhaps more than any other tool in my workshop, so it’s a good idea to not cheap out here. A high quality set of bevel edge bench chisels (new or vintage) will last you many years (likely  your entire life) and will be used on nearly every project. I’ve used some descent affordable plastic handle bench chisels, but highly prefer lighter wooden handle chisels with excellent steel.

I use chisels perhaps more than any other tool in my workshop, so it’s a good idea to not cheap out here. A high quality set of bevel edge bench chisels (new or vintage) will last you many years (likely  your entire life) and will be used on nearly every project. I’ve used some descent affordable plastic handle bench chisels, but highly prefer lighter wooden handle chisels with excellent steel.

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