I was thinking about this subject just the other day. I remember when I first really started dabbling in recording asking this question all the time: "What exactly do I NEED to make a decent sounding recording?!" This question kept coming up over and over, even after doing recordings, especially when things didn't sound quite right, and so on. The sad part was that it was very hard to ever get a straight answer to this question so I'll try and do just that, of course merely from my perspective.
First and foremost, if you're a guitarist, the question inevitably always comes up of just how many guitars you need. Actually, to be honest, the question is normally the opposite: "Do you really need all those guitars?!", usually said in a semi snobbish tone. So, here's the truth...no, you (I) don't. However, the more you have at your disposal, the better. There's the truth.
So, what guitars do you actually need?! It depends. Now, I've just opened that lovely can of worms..."it depends". When I first started getting really serious about mixing, and I did countless searches about how to do X and Y in mixes, and so on, I would always grow frustrated beyond belief because everyone would answer, "it depends". It was so incredibly annoying that I would frequently remark about it. It felt like no one wanted to share the secret. And yet, years later, I will tell you that they weren't lying...it literally "depends", whether you're talking guitars, mixing, song writing, and so on. Yes, it does actually depend.
With guitars, it depends completely on what you're doing. If you're like me, kind of all over the board where you record sometimes rock, sometimes something more jazzy, or you enjoy putting in various interludes with instruments that sound different from what you've already recorded, then the more the better when it comes to guitars/instruments. In this instance, you'll need at least a 6 string acoustic, a 12 string acoustic, a 6 string electric, maybe a 12 string electric (see? It depends...do you like the Byrds or Tom Petty?), and most likely a nylon string acoustic. That's 4-5 at a bare minimum. Can you get by with less? Absolutely, but I'd say 2 at a bare minimum, being a good quality acoustic and an electric. I personally couldn't imagine anything less but maybe that's just me.
Then, we get into electric guitar sounds. If you can ONLY have one electric guitar, I pretty much always say buy an American made Fender Stratocaster. Hands down, they are the most versatile guitar out there because you can record most things with them AND they come with a tremolo so you'll already have that in your back pocket as well. Strat's have a clean sound unlike any guitar I've ever heard, and there's a reason why they've been so very popular for decades, especially in the 80's. Almost every time you hear that certain crystal like clean sound, it's a Strat...I almost guarantee you. They also have probably the best harder rock sound as well when distortion/overdrive is applied, hence why they're such valuable instruments. I was vehemently opposed to Strats for well over a decade, mainly out of sheer stupidity. I bought a Japanese model first and hated it; it felt clunky, the sound wasn't great, it seemed way too heavy, and didn't stay in tune. Plus, everybody played Strats so I just learned to despise them. When I finally broke down and bought an American made Strat in the 2000's, I felt like the biggest fool in the world when I realized just how much I could get out of it versus, say, my 6 string Rickenbackers. Seriously, the Strat is your goto for far too many things to mention. It is frequently called my "utility" guitar and I reach for it constantly. Do you have to buy an American made Strat? No, and I will say the Mexican made models are actually quite good. Why I do suggest spending the extra money then? If you think you're going to stay into writing/recording/playing music, just make the investment now and keep it for life since they may only get more expensive and are likely to go up in value.
If you have the luxury of having multiple electrics, then my best advice is to branch out; do not do what I used to do, such as buying 3 Rickenbacker 360's in different colors. Seriously. If only I could go back in time and tell myself... I highly recommend thinking diversity of sound when buying multiple electrics since it really pays off when recording.
Best electrics then? I highly recommend Fender Strats, Fender Telecasters, Gibson Les Paul's or Les Paul Specials (one of the best bargains in the world...no need to reach for the Custom Shop model, imo), Gibson 335's (wonderfully diverse instrument for rock/blues/jazz), and of course Rickenbackers, of which get maybe too much credit in the 12 string realm and not enough in the 6 string realm (I personally love the hard edged sound of a Rick 6 string with Hi Gains via a decent amount of distortion or overdrive). A thing about Rick's...they're one of the harder guitars to play since their necks are fairly small, cramped, and bulbous. My first quality electric was a Rick 6 string and it seriously made getting better at guitar playing much harder for me. It was only years later that I realized how much easier a Gibson or Fender is to play, and honestly I rarely reach for the Rick's these days except when I want a certain sound.
For acoustics, I'm a broken record...you simply cannot beat Breedlove Master Class models made pre 2013, before Bedell bought the company (and <choke> ruined it), and they're not even that expensive on the used market. I cannot tell you how many times someone has asked me how I get that wonderful acoustic sound in a recording and I always say the same thing...it's not me, it's the guitar. If the standard concert size Breedlove acoustic feels too small (btw, always opt for the 20 series, as in the C20 rather than the C10, imo), then try to get your hands on an auditorium or A model. They're harder to find but quite glorious. I have an A25 that I have detuned slightly and, every time I strum it, it knocks my socks off in regards to how amazing it sounds. Seriously, I can't say enough about Breedloves. I also have a Taylor 716 and it literally feels like a chunk of wood next to my Breed's. Those older Breedloves are the biggest secret in acoustic guitars, in my opinion, and those of us who are privy to the info won't settle for anything else (maybe we'll talk tone woods some other time).
If you're super lucky and can get your hands on even more instruments, Baritone guitars are quite interesting, or again buy an extra acoustic and detune it. The possibilities are endless in that realm. Someone once wrote that when they run out of ideas for writing songs, they reach for a detuned guitar and it's like they've never played the instrument before. I've tried this myself...it really does work. If you're new to guitar, though, I don't recommend venturing down these pathways that early on. There's always time for this later.
Effects? One of the first ones I ever bought was an Ebow and I still swear by them. To me, it's a must. I also LOVE volume pedals but I'm a big 70's prog rock fan, and you just can't not have one, unless you both prefer and are really good at using your finger on the volume knob of a guitar. To me, the bigger and more gas pedal feeling the volume pedal, the better, and I personally love the Ernie Ball pedals. I also swear by the Fulltone OCD Overdrive pedal and the Boss Blues Driver for lighter tones, two wonderful pedals that you'll always find some use for. Delay is a must and I really love the Dispatch Master from Earthquaker, and it's a "you can't find a bad sound" sort of pedal. Another must for me at least is the Boss Octave pedal, or any octave, really. It's a sound that I simply adore, much thanks to Ali Farka Toure's "Niafunke" album (beyond great album, btw).
Next up, bass... If you're a guitar player at any level, you can easily pull off bass, provided you're just looking for your average Adam Clayton style rock bass line. I personally love a Fender American PBass but again the Mexican made models are quite good so you can getaway pretty cheaply, especially if it's not your main instrument. Recording direct has been kinder to me personally, and of course it's quieter, so the overhead and price tag is very low; just grab a DI box and maybe a pedal that's made for direct recording. I suggest always recording the pedal and direct signal so you have both to choose from later on and the DI box should make this super simple. If you're not a guitar player, there is software out there such as EZBass from Toontrack which I've heard good things about but I've never personally used it. One last option is to simply use keyboard tracks for your bass tones, something I use quite often depending upon the song. It just depends.
So, what about recording? You need some sort of interface with decent inputs and converters. In this day and age, I personally don't think that having something like ProTools and, say, a UA Apollo is completely out of reach, and even if it's a bit more than you want to spend, it's worth it. There are also many cheaper programs like ProTools out there that you can get for a fraction of the price. As for interfaces, don't fall for the idea that you need 8 preamps since most of us really never use more than 2 at a time. Pair this with something as small as a Mac Mini and you're quickly in business.
You do NEED at least one good condenser microphone. I started out with an AT 4050; it took me probably 2-3 years to pay that off back in the mid 90's. It changed the game for me, though, and recording an acoustic with that versus, say, a Shure SM57, was night and day. Grab at least one good condenser and don't worry about "matched pairs" or anything like that unless it's specifically something that you need for your situation. Do you need or should you just shoot for the stars and buy something like a Neumann U87ai? As much as I really like the microphone, the answer is no unless you really have the budget for it. Will it improve your sound? Absolutely, but will it improve your sound, say, 8x over the AT 4050? No. That's the question I both recommend and always ask myself before buying something: is this really X times better sounding than what I might already have? I say X times because one might be X times more expensive than the other but rarely does that number match how many times better it'll sound.
A lot of people swear by outboard preamps, although the trend has been leaning lately more towards plugin's. I do prefer using outboard preamps but you don't need to spend 5k on them. In fact, buy a Great River ME-1NV for about $900 and you'll be ecstatic and it'll be with you for life. If the majority of what you record is a single source at a time, well, you only need the one preamp so save your money versus buying multiples. Again, it depends.
So, what else? If you're a guitarist, you do need a good amp. Amps do need to be at a certain minimum volume to sound their best, something I've learned the hard way, so having a way to crank it up, per se, without disturbing your neighbors or spouses or children (or pets) is something I highly recommend. I can't say enough about a 1 watt amp head; wow. The Benson Vinny is downright amazing but there are many 1 watt amps out there these days. Simply connect it to a 10 or 12 inch speaker cabinet and you're all set, and yes...1 watt is actually enough to be way too loud, believe it or not.
For mic'ing guitar cabinets, I still prefer the condensers. To my ears, they just sound the most natural. SM57's are a great choice, though, if that's what your budget allows (although you should already have a condenser at your disposal if you're following along). Some people love Ribbon mic's...my experience has been mixed. Personally, I don't think I could recommend them but perhaps it's just the kind of music I'm doing. They carry a pretty hefty price tag and don't seem to deliver but that's just my personal opinion. If you do opt for a Ribbon mic, expect the overall sound to be darker, and many people balance that with a paired SM57 or condenser.
Believe it or not, that's about all you need but...well, it depends. You might want some drum software if you don't know a good drummer and/or have a way to record them. EZDrummer is a great product although sometimes a bit frustrating to manipulate the actual MIDI. The sound quality is top notch, though, and learning to use it at a minimum level is fairly painless. It's also fairly reasonable in price.
You'll also want some sort of keyboard/piano, or simply software and a controller. The latter is usually the better approach if you're not an actual keyboard player (like myself). Some recording software comes preloaded with keyboard sounds, such as ProTools, so you may only need to buy a controller to harness that power at your fingertips.
Everything else is gravy, my friends, and of course the more you have at your disposal the better...but you can make an amazing recording and album with actually very little. Spend the money on good quality where it counts: quality instruments, a quality interface with decent preamps, or a decent preamp or two, and don't forget good quality cables. Oh, and a real tuner...PLEASE...buy a tuner. Nothing makes me cringe more than hearing someone's part where they're terribly out of tune.
I don't know if this terribly long post will help anyone out there but hopefully it does. If you have any questions, feel free to email me directly.