In fact, most people (including many prominent bodybuilders) started training at home. Working out at home is very private and can often help you gain more confidence on your own. Not only that, it saves time and money in the long run. The money you spend on a 12 month gym membership will easily pay for the equipment you need to get great results at home. Below is a list of things you will need: 

1 solid exercise bench, preferably with a squat rack 
200 pounds of free weights, either iron or cement 
1 barbell either 6 or 7 feet long (40Lb Standard Barbell Set)
1 chin-up/pull-up bar (Non-Adjustable 48-inch wide Wall-Mounted Pull-Up Bar)

You don't have to buy these items new either. Just look in the want ads of your newspaper or on eBay! There are plenty of people who don't use them. This proves the point that I made earlier on; it's all about dedication. Getting in shape doesn't have to be expensive or inconvenient. 

Important Points To Remember 

The main thing I will stress is that you have enough weight to challenge you. If not, you will fail to progress. That is why I suggested that you start off with at least 200 pounds of weights. This will keep you going for many months. 

It might also be wise to purchase a mirror for your workout area. This way you will be able to pose and also watch your exercise form. Posing in the mirror not only gives you a visual indication of your progress it also serves to motivate you. When you are pumped you look awesome! With regards to form you might think you are doing an exercise correctly but in reality you could be way off. 

It might also help to have a friend, family member or training partner watch you a few times. On that note, I must also address safety. It might be wise on the heavier lifts to have a training partner. Exercises like bench presses and squats can make you nervous if you are alone. This can therefore hinder your workouts.