Audio Technica's cheap and cheerful large condenser microphone, is an ideal first choice for a home studio and a versatile choice for the more advanced studio as per the review below by Mitch Gallagher. These things are cheap new and can be picked up second hand for an absolute bargain.
“If you want an affordable mic that will work on a wide variety of sources, the AT2020 is hard to beat. It sounds great, is quiet, and, sheesh, at that price, go out and buy a pile of them.”
“The AT2020 fills out the Audio-Technica line with an amazingly affordable side-address large-diaphragm mic that’s aimed at general-purpose use in home and project studios. But there’s no reason it can’t be used in pro studios, too!”
“The AT2020 has natural midrange and good dynamics. Its restrained low end kept boominess under control when the mic was too close to the soundhole; excellent for seating a strummed steel-string part in a rock mix.”
“If you want an affordable mic that will work on a wide variety of sources, the AT2020 is hard to beat. It sounds great, is quiet, and sheesh, at that price, go out and buy a pile of them. Not that you’ll want anything to happen to them, but for a “pro“ studio, if they get beat up by errant drum sticks, you won’t be out a bundle. For a home or project studio this is a great mic to get you started. Good for vocals and instruments, if you can only afford one decent condenser mic, the AT2020 should be a contender for you.”
“…the AT2020 [is] a fine microphone, offering a sound all its own that’s equally valid in the right applications—even in a mega-studio.”
EQ, September 2005