I used to have my own wall papering table but it broke, the last few times I decorated I popped to my mums and just borrowed hers then took it back. It is not a high cost item but it would be unnecessary and need to be stored. Now my parents don't own many tools but we do, so if a job needs doing my husband has gone round to their house and helped them.
If you think in terms of tools that only get get used a few times a year or decorating items like wall paper strippers or specialist items would you not be better sharing them among the family. This would save everyone if you decided who would have what then borrow when needed. I understand this would not work if your family doesn't live close by or you don't get on etc. There is also the option of just hiring large items if you only need them for one off occasions, a carpet cleaner for example may be more powerful if you hire one than just buy a cheap one and only use it once a year. I found this one here to rent for £30, I know that when we bought ours it was about £120 and we have used it twice on a couple of rugs!
I think that years ago it would have been more common to share items in this way but now that everyone is always dashing around and not speaking to their neighbours we all own every item even if it is rarely used.
We go away in our caravan but if you enjoy camping you could club together with other family members and share a tent if cost is an issue. You would have to agree on who is having it when, but if you all enjoy the same style of holiday why have one each. (Unless you all go together of course)
I think it is sometimes the same with things we have around the house, we tend to double up on items when it is just not necessary. I was recently sewing in the back room when I thought I could use a music set up for in here. This was a pointless thought as I have a digital radio upstairs which I have a cable for to plug in my mp3, all I have to do is bring it down!
On that occasion I must have been having a lazy moment, needless to say I realized how pointless the thought was. I think it just shows that sometimes we need to think things through before we buy, has someone got one we can borrow? How often will we use it? Is it a fad?
Some things will be worth every penny, others not so much. My mum grumbled about me buying my first sewing machine at 16 saying I'd never use it, on that point she couldn't have been more wrong, however there have been other items over the years which I could have probably done without.