This is the perfect project for the diy-er. The money you save doing this yourself will MORE than pay for your initial tool investment many times over. You are correct. The basic tools you would need for this is the Miter saw, Table saw, and Nailer. However, it is not essential to have the nailer but highly recommended especially if you have multiple windows. The cost really depends on what you want. For occasional home use, I would highly recommend anything from Craftsman. This is mainly what I own and have been 100% satisfied with my bang for the buck. You can get a decent 10" 3HP Table Saw from craftsman now for under $200. Actually if you watch there sales they are constantly selling them for around $150. For a pancake compressor with a Finish Nail Gun excpect to pay around $250-$300. Keep in mind you want a FINISH nailer and not a BRAD nailer. Finish nailers are used more for trim work while a brad nailer is used more for smaller projects like building birdhouses and stuff like that. As far as a miter saw. Again, Craftsman has a very nice line of them for the average DIYer starting around $100. Delta also has a decent line for around the same price or maybe even a little less. Good Luck!

The problem with cheap table saws is they have very noisy motors and atrocious fences. That Craftsman saw mentioned is not a true 3hp saw----I had one and it was not a good tool. These saws can be used, but they are a pain to set up, keep set up and just a pain.

There are some decent portable table saws available in the $300 and up range. It is likely you could buy one, use it, and sell it for 1/2 the price----but buying a good one may get you to keep it.

A ten inch miter saw should be sufficient for your needs---available from $100 up. This is a tool you can save money on---there are several brands---go look at as many as you can and play with them---buy the one that feels the most comfortable.

The advice on a finish nailer is correct. Porter Cable has package deals---compressor and 16 gauge nailer-----compressor with a 16 gauge and an 18 gauge brad nailer----. If you can find a deal with a 15 gauge nailer, that would be Ok also.

Handymac wrote- "The problem with cheap table saws is they have very noisy motors and atrocious fences. That Craftsman saw mentioned is not a true 3hp saw----I had one and it was not a good tool".

The Craftsman may be a bit louder but if its only to be used occasionally for smaller home improvement projects I dont think noice is a HUGE concern. At lest in my opinion. Now a contractor would want to spend the extra $$ and get a better setup. But they use it day in and day out. We are talking about a home owner that wants something only to use occasionally. Lastly, whether its a "true" 3HP TS or not isnt the issue. I mean honeslty, how many pony's does it take to rip some jam extentions? Like I said before, there is a BIG difference between a "contractor" and a homeowner who only needs it for smaller projects occasionally. I am just going by my experience with the craftsman line. The rip fences have really come a long ways in the last few years on these. Sure a cabinet maker wouldnt want to rely on that type of accuracy, but its been fine for me as a general DIYer. All in all its been the best bang for my buck. I agree with Handymac. There are better saws out there and if you can afford them by all means treat yourself! Thats just my $.02

I just wanted to give a post weekend update. Thanks so much for your replies. I am having so much fun with this project! I ended up getting a craftsman miter saw for 100 which I really like and think it is SO EASY to use. I also got a stanley 16 gauge finish nailer for $150, and a compressor for $100. They work great. NO complaints. TO avoid buying a table saw, I have just been buying some 3/4" mdf flat smooth molding for the jamb extensions (any problems with this approach???). Anyway I can't wait to get some more time to work on the project because I do think it is something for a DIYer. Just a few questions for you though. First, what is the best way to get finish nails OUT of your wood if you need to because it nailed in a funky way? Second, my project has a piece of crown at the top of the window and I am having a hard time nailing that up with my finish nailer. SHould I just use longer nails or should I buy a crown stapler. I saw these when I was shopping but didn't really understand what the difference is. THanks!

kswartwout,
Just wondering how your project went. We are thinking of doing the same. I am waffling between the 16g finish nailer vs. the 18g brad nailer. Some users have said the brad nailer was sufficient for putting up door and window trim. Plus they didn't have to putty. What was your experience? Any other words of advice?
Thanks!

I believe a good blade makes any saw better. I have a Delta 10" table saw (cheap $99) with a $80, 60 tooth finish blade that works very well on most of my projects. I do have a larger non portable saw as well for anything over 3/4" rips.

I use my P-Cable 2" 18ga. brad nailer for installing door and window trim. I would not recommend anything less that 2"nails however. I often use it to install base trim as well making sure each nail hits a wall stud.

I use a wood putty to fill the small hole.