I thought about getting my own equipment a few years ago.
I heard the pros and cons: Why waste money on a gym membership when you can use the money on weights/equipment at home? Or, what if you get lazy and just dont go yet paid a membership, etc?
For me, I opted to hit the local gym. Not only did they have a lot of new equipment I could never afford, but they have trainers onsite you can schedule with. For $30 (1 hr session) they can develop a program for whatever goals you have: tone up, loose weight, muscle building, etc
If just getting out of the house is an issue...and you have a lot of kids...

home gyms might work out for you. I've heard good things about the Bowflex gyms. Back in my UPS days, the number 1 item people would refuse were the home gyms. What seemed like a good idea at the wee hours of hte morning to order quickly changed when big metal pieces started to arrive
I still have a few home things. An Ab Longue, some free weights, a medicine ball and exercise ball. There are days Id like a treadmill, especially when its too late to hit the gym or the weather is nasty. Like Eskimo, I'll have my girlfriend keep an eye out for one in the yardsales.