I just completed work on my first CD. Waiting for my friend to finish the artwork. I recorded the entire project at home. After our kids moved out, I took over one of their bedrooms for the home studio. It's upstairs so it's isolated from the noise in the rest of the house. This is the most important feature of your studio; it must be quiet and have carpeting to absorb sound reflections. You may have to put up some sound absorbing panels, too, but I didn't have to. If you mic close enough and use cardioid mics, it will reject the room reflected sound.
Gear:
You don't have to spend a fortune on mics. I did some research, listened to demo recordings and looked at the frequency response graphs, comparing them to a known good mic. I bought the MXL V67G large diaphragm mics. I am very pleased with the sound.
I recorded the CD on a TASCAM D100 digital recorder. Then I transferred the digital files to my computer and used Audacity to edit them and add effects.
I also have an Alesis IO2 Express recording interface that I used. It cost $89 and has 2 very quiet mic preamps.
Here is one of the tracks from the CD:
https://soundcloud.com/wbendler/the...ebra-wuitowitz?in=wbendler/sets/warrens-music
Playback system is a Luxman R103 receiver and a couple of B&W small speakers