I've been on that road and back. Nothing beats the equipment and atmosphere of going to a gym. You could probably survive on a basement type equipment for a few months before you get the urge or need to use other machines that you could only get at a gym (leg press, calf raise, cable machines, abdominal equipments, etc). You would spend thousands to replicate these machines!Also, the other important thing to consider is the distractions you get when you're at home. Its not like when you get to a gym, you get there and you know you gotta do what you gotta do and then you are out. The gym environment does something to you mentally as well. You hear those plates bangin' and see others grunt those weights up and you just can't help but get in the zone.
Personally, I would save the money for a gym membership, but that's just me.