Don’t let anyone tell you different: with care, you can record your music without paying money to a studio. This isn’t to say that you should, only that you can, though that line of thinking is a post all by itself.
For my part, I’m recording the cd in my basement. I have good quality mics (as detailed in an earlier post); a reasonably powerful computer; good software; a comfortable space in which to work; and friends with experience willing to help me create the best product possible.
I like my house. It is the only house I can remember living in. It’s about ninety years old, subject to all the aches and pains that such a house is heir to, though for the purposes of this post the one I’m most concerned with is squeaky floors.
William Morris - Walkin' There 