The biggest question is whether you should get an inkjet or a laser printer. It depends on your needs. If you plan on printing a lot, the toner in laser printers lasts a long time, but the replacement ink can be pricey. The color on laser printers is much more vibrant than an inkjet. However, inkjet ink is relatively inexpensive but plan on replacing it often. Inkjets also print photos better, so if you use photography in your printables, that is something to consider.
There are so many options for cutting out your printable designs. You can use a paper trimmer for straight lines and scissors for more intricate objects. If you plan on creating party printables, get a 2” round hole punch for cupcake toppers and gift tags. It's a minimal investment that will save you hours of time, and your hands will thank you. Also, check out the hole punch aisle at your local craft store for more options.