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Lubricate the drill hole with water as you work
The drill you would want to purchase depends upon what other types of projects your looking to do in the future. HD sells some inexpensive battery drills that would work fine for this type of project and other drilling projects needed around a home.
One suggestion however. The more you spend on a drill the better it is at doing other larger projects. So if you find that your doing more and more projects, this is one type of a tool you do not want to skimp on with price.
Here is one from HD that I use all the time. In fact I have four of them.