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"What shapes are drop leaf tables available in?"
Despite their traditional appeal, drop leaf tables are designed to suit virtually any taste and space. If you don’t frequently entertain, make the most of your dining room constraints with a compact square drop-leaf. For tight corners, narrow spaces, and awkward angles, a slim rectangle drop-leaf table that can be pushed flush against the wall will provide the best space saving solution. Finally, round drop leaf tables evoke a cozy, classic vibe so guests can simply pull up a chair around the open edges. These space-saving tables are available with a number of base types including standard legs, a pedestal, or trestle.
"What is a drop leaf dining table and how does it work?"
Derived from the classic gateleg table design, drop leaf tables have one fixed table top section and typically one or two hinged surfaces. When lifted into place, these hinged sections extend the table top; a drop leaf dining room table will typically have a square or rectangular top shape. If the leaves are supported by brackets, it is simply a drop-leaf table. If the leaves are supported by a set of legs that swing out, it would be called a gate leg table.
"How do I know if a drop leaf dining table set is the right option for a smaller room?"
Using a drop leaf table as your kitchen or breakfast table, entry console, sofa table, or even desk gives you maximum flexibility. Keep your table’s leaves dropped to save space, and fold them out only when needed. You can also fold out just one leaf while keeping the other leaf dropped flush against a wall. Drop leaf tables also expand easily because the leaves are permanently attached. The ability to use a piece of furniture in a variety of rooms and with a variety of uses makes the solid wood investment well worth it.
It is possible. Making good cuts is going to be the trickiest part.
If you have a large table saw that can accommodate the table top that will give you the best results. Otherwise you can use a straight edge with a sharp, fine toothed blade in a circular saw. Use painter's tape over where you are going to cut. Mark the line then score the line a couple of times with a sharp utility knife to reduce chip out. If you can rent or borrow a good track saw that would be better at making a straight cut and minimizing tear out.
Next you'll need to attach hardware the pieces. Check out Woodworkers Hardware http://www.wwhardware.com/fasteners-table-hardware/table-hardware/table I've gotten a few things from there and they have good prices and variety. I would use a combination of the leaf alignment pins to align the leaf and the table slides.
Moving the legs, cutting it once and creating a drop-leaf at one end might be easier.
But to be honest, I can't think of many situations where selling one table and buying another is not a more practical solution for a person wondering if converting a table is possible. I would consider the conversion moderately difficult. Furniture making requires a high degree of craft and finish.