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Set a goal and a budget. What are you trying to accomplish?
Grab the tape measure. You can only use equipment that fits the space available. In general, leave 2 to 3 feet around each piece of equipment.
Go to the gym. Before buying, visit a gym to sample equipment. You don't even have to be a member; most clubs allow you a free visit and workout.
Find the specialists. If there's a store nearby that specializes in exercise equipment, check it out first.
Try before you buy. This means a mini-workout of 10 minutes or more. You might want to wear your workout clothes to the store.