I'll have to agree with the above quote. If you're looking to do a quality recording, and spend the least amount of money, you should go to a quality recording studio.

I started a studio from scratch several years ago. I would say that to do a quality recording, you'll need to spend a minimum of probably $10,000 in equipment. Probably more if you intend to track instruments simultaneously. I would only go this way if you intend to start recording as a career. Plus, you need to take into consideration how experienced you are with recording. This is one of the largest deciding factors in how it will sound. It takes some time to get really good at it, just like playing an instrument.

Going to the studio will definitely be cheaper, faster, and probably sound better. If you have no intentions of being a recording engineer this is definitely the route to go.

However, if you're looking to get into recording and have the intent of doing it professionally, you might as well start now. Good luck and God's speed. It will still help to go to a real studio to see what's going on.