1.) Drill - My recommendation is if you have a cordless drill, have a corded one as well. The corded ones are dirt cheap and most produce more torque than the cordless variety. There is no more useful tool...period.
2.) Table Saw - you won't realize how useful this is until you have one and then don't. I used to use a circular saw for everthing...but for ripping lumber a table saw is king. You don't need a real expensive one either. I have a 10" Craftsman I picked up for less than $200 bucks and it is fine...the most important thing is a nice STABLE fence. If you don't feel you need a table saw than a circular saw will work 90% of the time in most situations.
3.) Screwdriver Set - make sure you don't skimp on these...it could mean the difference between a tight/loose screw and a stripped one. There are times when a drill with a screwdriver is a bit much. You can really do some damage when using a drill instead of a screwdriver for some of the more delicate work.
4.) Socket/Wrench Set - Once again I have a Craftsman combo set with ASE and metric sockets as well as the same in box/open end wrenches. I bought one of their cheaper 100 piece sets and I use it all the time for working on the truck and our bicycles.
5.) Hammer - get yourself a decent claw or framing hammer. Will come in very handy for more than just nails trust me...I abuse my hammer and it has served me faithfully for 10 years if not longer.
Honorable mention - nice to have.
Chain Saw - great tool...must be very safety conscious when using one of these.
Reciprocating Saw - Great tool for cutting stuff in awkward places.
Compressor and Nail Guns - There is no way when I remodeled our last house I would have gotten through all the door replacements and molding without these...screw that.
Jigsaw - great tool for cutting plywood in non-straight lines.
Anything you feel I missed feel free to comment why it should be in the top 5!
...that is all.
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