Ron is right on.

Some people can make good records in their living room. Most cannot. It ain't the space so much as it is the gear and the expertise - and that's NOT just engineering expertise; it is managing the project. If the price of a Stradivarius came down to the point where I could buy one, it wouldn't make me Itzach Perlman.

Record engineering and record producing are two distinct sets of skills (of course some people have both) but they are at least one third of the value of any recording.

Good performances can be captured poorly and the listener may still enjoy the music - but if you want to make a record that will have real value and will preserve the quality of the performance, your engineer, your recording space and gear (studio) and your producer (even if that's you) all must be as good or better then the performer.