A lot of years passed by from the time I had my first tape recorder, nowadays, there are many affordable software and recording equipment for beginners. Fortunately, everything has changed for the better.
The main equipment you need is just a pc or mac computer, which almost everybody has in the house already, to start your home audio recording. The missing element to creating your studio is the audio and midi software which is widely available on the market. You can get free to very affordable DAW that will deliver high-quality audio even if you are a beginner recording your first tracks.
These recording software, some of which are also used by professionals, come with multiple effects that you can add to the music and songs you make, such as echo, distortion, reverb, and so on, and you can even create your own effects too. Some software comes with instruments already installed but you can also play and record them live. If you have MIDI instruments, then it is more convenient to choose a recording software that supports audio and MIDI files.
Three Affordable Software
These are the three most popular software that are free and offer no limitations :
Cakewalk
Only for windows, with lots of effects and instruments like the guitar, drums, and keyboard. You can add more instruments with third party plug-ins.
Soundbridge
It works with both mac and pc. On top of the effects and instruments, you find several drum kits available which can be an interesting choice for drummers. This software has the option of being 32 or 64 bits.
Tracktion waveform
It offers you unlimited tracks, is very easy to use since it delivers all features in one screen. A great free option for creators.
There is some more free software but they come with some limitations. You can try any of these or look for more to see with which one you feel more comfortable with or select the one that suits your needs best.