Well, there are many pros and cons for both but at the end, it is all bout your own needs. Selecting a recording place should be neither easy nor quick, on the contrary, you have to spend a little time researching, because the more money you spend, the better quality of product you will get. Because, you know, you are gonna live with it for quite a long time.
There is one question that always bothers musicians with home gear: Should I take this to the studio or just stay home and do it myself? Yeah, anyone does not want to have their whole album made at the studio, right? But not everyone can afford that. So what now?
If you want to make your ‘one hit wonder’, gets everyone addicted, national broadcast then go for the professional recording. Only by this, you’ll get the right high quality and studio recordings.
If you want creative, more live tracks that are in good quality and more of a model when band living, a home studio is enough.
Assuming that your bandmates don’t do the track together often. If you’d like to track together, and you all get along well and you are a potential dynamic duo, trio or something, you all should save some money and go to the studio at once to record. Still, you can do what I said at home before handing over to an engineer, but if you want the quality and a full album then the studio is where you obviously should go to. However, a big professional studio can be kind of uncomfortable with a professional engineer supervising you, making you do it again and again until it is perfect. However, you don’t always believe that perfect is really what it is. Being in a home studio things tends to be more comfortable , which means more creative maybe. So, you either pay more of a flat rate or cheaper hourly rate and you won’t feel as pressed or stressed.
Talking about mastering, I suggest you should go to a professional. Mastering is one of those specific skills that does not follow the common mixing way and requires a pro to process. You cannot simply do this yourself or run into some random engineers. YOU NEED A PRO.
Has anyone told you about the Project Triangle? Engineers often use this tool to illustrate the goals of the project. On top you will be placing the word “good”, then at the left point you put the word “fast” and the right you put the word “cheap”. It’s obvious that there are three, but you can only choose two of it. Either cheap and fast, or fast and good, or good and cheap. No matter what you’re gonna do, you’re going to have to sacrifice one item (which I hope is not “good” because… you need it, dude). The point is, I’m telling you, you can have all of it: a studio quality recording AND doing most of the work at home. Well, IF you decide well what to do where.