If I was in the process of making a home gym, I definitely wouldnt purchase a BowFlex as there are much more economical ways of making a home gym, not to mention a variety of free weights, etc. is definitely more beneficial than a BF.
I think you could build a pretty badass home gym for under $600.
- Invest in a set of Powerblock dumbells, they adjust from 5-45 or 5-85lbs depending on which set you buy. This will save time & space than buying multiple sets of dumbells and a rack.
- Construct as many things as you can to save money. You can make racks, stands, etc. yourself. Improvisation is key.
- Make it a variety of exercises. Having a bench press bench doesnt mean you have 'home gym'. You're much more likely to stick with it if you can change the training up every now and then, so make sure you get plenty of different equipment. There are lots of cheap things you can include in your home gym... fitness/ab ball, jump rope, plyometric boxes/platforms that you can make, elastic bands, etc.
- Look for used weights/machines in your local classifieds. Many people will purchase a machine/fitness item and when it doesnt work (usually due to their motivation/diet/etc.), then it ends up sitting around. After 6 months, the $1000 machine/rack they bought is nothing but an expensive decoration, so they sell it for $150 in the paper. You can also get cheap weights this way. Usually a 300lb set of weights isnt that bad brand new, but if you get them used, you can really get a deal sometimes.
I personally dont use a home gym, I just thought those would be good suggestions. Ask BFold for more info, I hear he's got a badass home set-up.