Welcome Shannon,
I grew up and went to school literally down the road from you in New London. Lots of good advice you're getting here. Just my thoughts as I started out similar to your situation. I would avoid buying lumber from the home centers unless you absolutely have to or are only going to buy one or two boards. The cost per board foot is outrageous compared to find a dealer or mill.
I was very fortunate when I started building projects out of wood other than pine to have a lumber dealer next to my house in South Dakota that planed down all their hardwood so it was very easy to go shopping for just the right boards, take them home and start cutting to size. Didn't have to worry about a planer at that time. Their prices weren't excessive either.
After moving out to Virginia, the dealers that sold planed wood definitely got their price for it so I found a dealer that sold it rough and invested in a planer. Even though I could run the planer in the garage, after three years I got my dust collector because the planer will makes piles of sawdust. You'd be surprised at how fast the dust collector bags fill up.
Since I started selling some of my woodworking, I will buy that stock already planed to 7/8" because it's still cheaper than my time to process that lumber. My dealer also doesn't charge much more for it already planed.
Another consideration you have is your space. Remember, to joint or plane a 6' board requires at least 12' of space, 6' before the blade and 6' after, just like a table saw. Your basement space may limit what you can do.
Hope you find this info helpful. Either way, enjoy yourself and have fun making things!
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Mark Patoka
Stafford, VA
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