I'd just like to say a little about microphone choices as this can be a bit of a minefield when starting out. Its not a huge deal with most electronic music but for songwiters and bands it is of utmost importance.
First of all I would say set aside some budget for a good Large Diaphram Condenser (LDC). These are the large mics you see used in studios on vocals and acoustic instruments. This will be probably be your go to mic for vocals if you want that more expressive, clean sound. I would recommend the SE 2200A as a starting point (I use it myself) also the likes of Audio-Technica and Rode do some very good entry-level condensers in the same price range.
Next I would recommend a good Dynamic mic, industry standard being the Shure SM57 and SM58. Both are great, versitile mics that will rarely if ever let you down. The SM57 is an instrument mic, used all the time on guitar amps and snare dums in studios all over the world and on stage. The SM58 is usually used as a vocal mic, mainly for Rock/Metal vocals as it seems to have an edginess to it. I know the vocals on the newest AC/DC album were done almost entirely with a 58. Also very useful on the toms toms of a drumkit Again there are plenty of alternatives and it helps a lot if you can try them out, some more popular brands being AKG (The D112 is an industry-standard for kick drums and bass cabs) and Behringer (despite a somewhat lowly reputation, not all Behringer products are cack). A few good dynamic mics really go a long way when recording.
After that you're choices become less obvious and more dependant on your specific situation (and budget). Some considerations would be small diaphram condensers for acoustic instuments or drum overheads, valve mics for vocals, ribbon mics again used a lot on drum overheads. The choice is endless or should I say, limited only by your budget! I would say that a good set of versatile mics and knowing what each is suitable for is one of the most critical aspects of recording (either at home or in a studio) and would have you ready for almost any situation you find yourself in when recording.
I would recommend the Behringer XM8500, as a cheap dynamic mic to start off with, it has a nice, stury metal case, and is a great quality mic for its low price.
Hope this helps.