Microphones

If you plan on recording any vocals or acoustic instruments you will definitely need at least one microphone for your home studio. You will also most likely want to use a microphone for recording electric guitars (you will record the output from the amp with a dynamic microphone for best results.)

Of course there are different types of microphones (the most important distinction being condenser microphones vs. dynamic microphones) and a wide range as far as the quality (and price) of microphones available. The difference between a cheap microphone and a high quality (high price) microphone can be enormous.

You will want to use condenser microphones for recording vocals and acoustic instruments. You will probably want to use dynamic microphones for recording live drums (you can buy special sets of microphones for recording live drums) and amps (ie: electric guitar.)

Another distinction between microphones is wired vs. wireless microphones. You will want to buy wired microphones for your home studio. Wireless microphones are generally only used for live performances.