Using libvirt and virt-manager does reduce the number of known features that need attention, but it also doesn't offer you any help by providing useful features.Read more
It can be tempting to use fancy tools like XEN, VMware or Proxmox - but these tools also come with additional requirements, overhead and quite a large documentation.Read more
Setting up a homelab doesn't require much.
A second hard drive in a PC is enough to start.
After realizing that magnetic HDDs were good enough for our ancestors' servers, I decided to just start with what I have available rather than waiting for the day I'm able to afford my dream - SSD only, dual CPU - server(-farm).
A 1TB HDD in my primary workstation will do - since it will do all the hard work, any notebook will do for administration.