Well the best setup for a simple home recording studio will need the following.
1. Mixing board (You can find these cheap, for basics you should find one with guitar inputs and Mic imputs and the output should be stereo. It dosent need to be fancy
2. A computer (the better the computer the faster you can record your tracks, ie. Ram will make recording smoother, Procesor will make exporting tracks into mp3 or wma quicker etc. The main part of this is your sound card. A cheap sound card will produce cheap input. Your going to want to put a little money into a sound card if your going to set up a studio becuase the higer hertz of the frequency you can input means higher quality. Ex. My comptuer only has like 24,000 where a good sound would be about 92,000. Dont get confused by that, just find a card that isnt the lowest end there is. If not...use what you have, it may not be the best, but filters can help that.
3. You'll need a recording program, I sugest Sonar becuase it is very easy to use, and it is one of the best out there. It comes with a ton of fitlers to play around with, Amp simualtors, Flange, Reverb, Gate, Modultaros, Wah, etc etc. The list goes on.
4.All your connecting cables. so...From gutiar to mixer and mixer to comptuer. The mixer to comptuer will need a simple Y cable, meaning two ends (Stereo left and right) will go into your input line on your comptuer (one of the three lines on your sound card is your input line, you can also run it through your Mic line if you want)
5.A mic for recording Vocals and acoustics.
Thats all you really need for your basic recording studio, you can get more basic than that, but as soon as you do you will have horrable sound.
Hope that helps.
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