If I may contradict the general advice so far...
I purchased my own equipment 7-8 years ago and it was one of the best investments I ever made (iron plates have almost doubled in price in that time...). I have a flat bench, dumbbell bars and a barbell + about 140kgs in plates. I like to do short intense workouts, and having it at home is perfect - any time I get the urge to push some iron, there's no time wasted getting on with it - within a minute I'm heaving and sweating. I can blast the music I like. I don't have to roll around in other people's sweat.
Safety is something to consider - make sure you have enough room around your work-out area, and I'd suggest re-considering your weight/rep scheme if you can't finish sets without a spotter. Of course, I am not a 'serious' weight-mover, I don't bench over my own bodyweight (which means even if I do get stuck at the bottom of a rep, it's possible to roll the bar down my chest a bit and sit up - although I typically only bench dumbbells), so if you are one of those powerhouse dudes that benches 200kg for a warmup, firstly you need top-range equipment (no Game-special bar racks), and second you should not work-out alone in your home. Consider your flooring too, rubber mats would be a good idea for any floor you don't particularly want ruined, and if you're in the habit of dropping weights to the floor, well it's your floor but I have personally learned to use very controlled movements to settle weights back on the floor.
Obviously do not waste your money on any kind of machine, my recommendation would be free weights only.
