Well, here are some suggestions before you want to do a home studio,
1. How much space do u have at home for this? How much storage space do you have?
2. Are your electrical sockets able to handle lights and other stuff? is your power board box at home installed with good circuit breakers?( this is important as fire hazards can and will happen with so many lights at high wattage.)
3. How many lights do you want to have? i.e 2x 600W, 3x 300W lights? (never ever put more than 1000W of lights combined or other wise on a single electrical socket!!) (And make sure you can make the environment safe to work in with good ventilation and and safety for clients and such)
4. What kind of backdrops do you need? Black, white, green, blue, etc? How big do you want them? (you can go to Arab street to find cheap material for backdrops or you can buy expensive one at photo shops like CP or ruby)
5. What kind of accessories do you need? i.e. snoots, barn boors, gels, filters, etc; This is related to question 6)
6.
What kind of photography do you want to do? (portraits, product shots, etc, etc)
All in all, i would say you can budget with these questions at hand.
From personal experience, i started with 2 cameras and some lenses (1 kit lens, 1 zoom , and 2 prime lenses). I also had 4 lights (1x 600W, 2x 300W and 1x 180W) and a 1x light box, 2x soft box, 2x umbrellas, coloured gels (2xred, 2x blue,2xgreen; all 1mx1m), 4x filter paper (1mx1m). I had a simple Grey backdrop with clips and stands 2 piece and I bought matte black, matte white material (6m x 1.5m @). and I had 4 reflectors (various size) and about 4 tripods of different weight and heights and several other small accessories like light triggers and simple props like chairs and square cushions.
So you can see that it just all adds up and it can cost quite abit. for me it started at 20k and went up from there. Here's a tip, don't compromise on better brands which cost more if possible, they end up saving money and works longer on the whole. I found this out the hard way. I had my studio up till a friend bought over the stuff for his business. ( i was doing my studio as a hobby up till then and I still regret selling the stuff, but I working on a new studio again

)
Anyway good luck to you.