For surface mount, the reflow tool can be used to solder or remove devices.
For through-hole work, a vacuum tool is probably the best. I'm pretty sure I paid well under $US200 for mine. If you take a look at Dave Jones' review of a desoldering pump on eevblog.com, mine is similar.
There are other options, including those having the pump in the handpiece. They're cheaper, but I've not had any experience with them.
In order to get good performance I had to modify mine. I replaced a spring in the solder collection chamber with some material cut from a wire solder sponge. It traps more solder and allows greater airflow.
It's also a tool you really need to learn to use. It's *really* easy to do a very bad job with them -- in this case "bad" means damaging the PCB.