I am about to convert part of my basement into a home gym. Where I train jiu jitsu, we have a lifting area that I use but I want the ability to workout on off days as well.
Here are the things I have or am about to buy.
I have:
Various Kettlebells
Mat Space for working drills
Pull up bar
bike trainer thing
Buying:
Squat Rack
Bench
Olympic Set
Something to use for plyos
dip station
Sand Bag
Treadmill (I hate running in the cold)
What would you have in your perfect home gym?
Mirrors on your walls. 
yes mirrors would be cool.
Lifting Platform
Eleiko competition set 182kg
additional 100kg of extra weights
Pendlay bar for squatting
Power cage
Horizontal plate rack
Select tech dumbells
Power tower for pullups and dips
Heavy bag
Speed bag
Double end bag
Mat space
Open Hardwood floor space - I'd rather have the open floor space than mat space though
What kind of numbers are you putting up for squats? Assuming you're not a competitive powerlifter as well, you can't go wrong with the Powertec squat rack. It's very sturdy, has a bar for pullup/chinups and a dip attachment. Bought mine for my basement gym for $479 with free shipping.
What brands do you have your eye on for equipment?
My basement gym is by far the best money I've ever spent!
I'm not a big fan of attachments if I have the space. I know it sounds stupid and lazy, but I know if I have to add shit on or break it down to work out, I'm going to lose motivation at some point
I put up around 270 on squat for reps... not sure what my max would be but if I worked at it, I bet I would be working out with 300. Not sure if the powertec is good at that weight but I will look at it. I mainly work out to supplement / compliment Jiu jitsu / MMA training. I am trying to have a gym that will help improve my game.
According to Amazon the Powertec rack can hold up to 1000lbs, so you're probably ok. I read on a lifting forum that if you come into the rack too fast with too much weight you can dent it, but I'm sure you can do that with any rack.
Box Jump Boxes
Wrestling Mats
Banana Bag
Speed Bag
Double End Bag
Med Balls
Bumper Plates
Squat/Bench Rack
Climbing rope
Rings 
I am actually thinking about using a Smith Mavhine instead of Squat Rack... Does anyone have reccomendations for that?
I personally hate Smith Machines. I'm not strung right and always get "caught" midway through the motion. To do the motion I have to make weird adaptation to my body mechanics and it hurts my knees. I don't really get why you'd want to go the Smith route anyway since they take up just as much room as a squat rack, weight more, and cost more. There's no advantage unless you just love Smith machines.
My wife and I own a gym and it started in our garage with two benches, squat rack, power rack, lat machine with low row, some bands, a couple hundred pounds of chains, weights, etc. I built a deadlift platform, ghetto GHR, dragging sled (that used concrete blocks for weight)and other things we slowly acquired over time.
I have a squat rack, adjustable bench, oly barbell, 250kg in rubber weight plates, some dumbbells, 2 kettlebells, Bulgarian bag, Thai heavy bag, medicine balls, rubber bands, roll out wheel, pull up bar.
I really want to get a Concept 2 rower, but even the used ones are quite expensive where I live.
I have been looking for a good power/squat rack for my low overhead basement - just shy of 83" of clearance before you hit beams. I found some options - including the sumo rack from ny barbell. Anyone have one in a basement that they have really liked?<br /><br />
lots of options would barely fit that dimension - but I would like to put some mats down as well and don't want to get cut it too close.
Leigh - Hate smith machines.I wish I had the money... I would add in a small sauna too if cost was no issue.
My perfect home gym would have:
Strength
Bench and squat rack
Lifting platform
Dumbells
Adjustable length rings
Dip/chin belt
Conditioning
Endless wall cos its more fun
Versa climber. If not, cross trainer
Heavy bag
Luxury
Plasma TV with videos (DVD, Blu ray or whatever)
Hot tub
If I were a rich single guy, I would absolutely have a steam room in my house. But that's really is for something totally other than working out.
Squat rack
barbell
bumper and regular plates
Kettlebells (35,52,70,88 x2)
Chin up bar
dunbells
sandbags
Climbing rope
Rings
Medball
Plywood box
Reverse hyper
Gluteham raise
Prowler and other sleds
heavy bag
hex bar,fat bar,and multifrip bar (rarely used probably)
c2rower
Airdybe bike
versaclimber
Ski erg
road bike
jump rope
24kg KB, pullup/dip station and running shoes.
nottheface - If I were a rich single guy, I would absolutely have a steam room in my house. But that's really is for something totally other than working out.
Damn I would live one..... Anyone ever priced a two-person one?
^ love