Clair-search for a used babylock --I have had mine for over 13 yrs and love it. Had anothr before that and had lots of trouble with tension. There are lots of uses for a serger. I have had towels that are perfectly good except the edges fray and just serge them. I serge across the WOF when I am washing yardage-no fraying. If I am making a simple flannel quilt I serge and then turn and do a decorative stitch around the edge.
Hemming pants/jeans serge-turn up and stitch the hem. I paid about $1000.00 for mine 13 yrs ago but love it. That's why I said search for a used one. Maybe someone has traded theirs in for one of the newer ones. Good luck.