You can't change the properties, but the quality of the items you create depends on your current blacksmithing skill. This means that you should start by creating less valuable items and producing them in large numbers in order to develop the skill, especially since finding books on skills and paying for lessons can be expensive and/or time-consuming. I would not recommend trying to create better items as soon as they were available, because you would just be wasting your materials on objects that may have much better properties.
You shouldn't have much trouble collecting the materials you need to create new weapons and armor. Most of the materials (including leather and ingots) can usually be found when exploring various types of ruins, dungeons, caves, and mines. Of course, there are some exceptions. Dragon bones and dragon scales are obtained by examining the remains of defeated dragons. You may also have trouble collecting Daedra hearts. The most obvious solution in this case is to examine the bodies of dead Dremor creatures, but since they rarely appear in the game, you may need to consider other methods. Fortunately, the game doesn't force you to purchase all the materials yourself, because you can purchase most of the necessary materials directly from the blacksmiths. You should also know that you can craft some materials using different craft stations. For example, leather and leather strips can be created using tanning beds, and ingots can be created using melting furnaces.
Do not forget that most forging materials weigh a lot, so you should not carry them with you during normal trips. It is better to keep them in chests when they are not needed, and you can, for example, use a chest located in one of the houses you purchased or in one of the quarters you were assigned to after joining the organization (Comrades, Winterhold College, etc.)
As I said before, blacksmithing is not only about creating brand new items, but also improving existing items. There are two types of forging stations that are responsible for this. Grindstones are used to upgrade weapons, and desktops are used to upgrade armor (screenshots above). After interacting with your chosen station, the game will present you with a list of objects from your inventory that you can improve. Unfortunately, the whole process offers very little room to make changes, especially since you can't choose which type of update you'll receive. However, you should not ignore these actions. Upgraded items can become even more useful to you, or you can decide to sell them for a high profit.
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