What you need to know
The first thing to consider when buying a table tennis racket is the blade. It's best to begin with a basic blade from a reputable manufacturer. A blade that is either too fast or too slow will only hinder the development of your own personal style.
Grip type is also important. It's pretty difficult to switch grip types after you've started to hone your own technique. The grip you decide on now will most likely be the one you play with forever, so try them all and choose carefully.
As for the handle, simply pick one that feels good in your hand. Flared handles and straight handles are popular these days, as are conic handles and anatomic handles. Generally, a flared handle is recommended for hitting forehands, and a straight handle is recommended for hitting backhands.
Start with smooth rubbers on both sides of your blade. To develop your own game, you want a simple smooth rubber that will give you several options for playing style. Blades with smooth rubbers are more difficult to control, but with a little practice you'll be hitting well in no time.
Keep in mind that right now you don't need to worry about the newest fads in high-technology blades and rubbers. You want basic equipment for a beginner. You should spend no more than $125 on a first racket. Also, don't forget about a cover for your racket, and to keep it stored safely, away from liquids and other things that might damage it.