a decent audio interface and microphones.
don't buy cheap mics! Shure, Audio Technica, Audix, etc. are the way to go. Two condensers (AT2020/AT2021) and one dynamic (Shure SM57/Audix i5) is the best minimum set you can get for a home studio IMO. syempre palitan ang brand at model depende sa preference, at least sa condensers.
-mic stands
-pop filter para sa vocal mic (kung meron). pwede rin gumawa ng sarili gamit ang hanger at stockings
-good long XLR cables (bitin ang 5 meters promise)
-a decent computer. if it was made in the past 5 years, ok pa yan.
-new drum heads, kung luma na yung drum heads
-closed back headphones for monitoring. kahit cheap lang basta marinig mo. except kung isa lang ang gagamitin mo:
-good quality headphones for mixing. mas balanced ang tunog, mas ok.
optional:
-headphone splitter amp for simultaneous tracking, kung live recording ng buong banda
-shock mount para sa vocal mic (kung meron). pwede rin wala wag lang magulo.