I'm new to Joomla and Virtuemart, but I got it going smoothly. One question thought, my Product Details Page is treated as it is the Homepage. In other words, I wanna use a different template for the Homepage only, but it also get applied to the product details page. Am I missing something?
You can use different templates for different sections in your website. To do that you have to choose a default template and assign a different one to a menu item.
Go to Site --> Template Manager. You will see here a list with your templates.
You can make the Template1 default for example. To do that click the radio button on the left of the Template1. On the top click "Default". This template will be the default template. When a user will enter your site will see the Template1.
Now you can assign the Template2 to your homepage. Click the radio button on the left of the Template2. From the top click "Assign". You will see a list of your menu items. Select your homepage menu item from the list. Click "Save". Now your "Home" will show the Template1.
You can use this method with many templates.
In your example, the default template will be the one you cant to use for product details and you should assign another on to the homepage.