I can recommend a rather awesome studio...cough... mine! (shameless plug, but hey!)
www.riverwaystudios.co.ukI suppose it depends on the location too, no idea where you are!
If you are looking for releasable quality work, you are looking at many, many years of learning at home. Home recording is ACE for writers, a wonderful hobbie, and a great way to demo. But the quality rarely stacks up against studio production. If you are looking to write and record often - to make a portfolio of work - a home set up is great, as Boydie states
If you only have a few songs every so often, you will save money, save an AWFUL lot of time, and get a much better result, speaking and booking with a studio. We are here for a reason!
Ensure you get to speak with the producer beforehand. I offer free consultations, as do many other studios. If you aren't comfortable with your producer you will not get the result you are looking for. Paying for studio time should REDUCE the stress and faff, not cause it!
Just my two cents!