The primary components of a pro home voiceover studio
(in order of importance)
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Acoustic treatment
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Microphone
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microphone cable
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Audio interface / preamp
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Headphones
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recording / editing software
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Microphone stand
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pop filter
recommendations for all budgets Below
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acoustic treatment
Acoustic treatment is the most essential tool in a professional sounding voiceover studio. You want to prevent the sound of your voice from bouncing around the room (echo) as much as possible. Smaller rooms, or even closets, are ideal. Because the bigger the room the more hard "echo-ey" walls you have to cover.
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A general rule of thumb is to cover as much of the walls or hard surfaces as possible with sound absorbing materials. It's pretty hard to have "too much" acoustic treatment in a voice actor's recording space.
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Acoustic treatment will do very little at blocking loud noises. Like traffic, air conditioners, lawn mowers, etc. If you need to block loud noise then I highly recommend saving up for a prefabricated booth. A single-wall booth usually doesn't block much noise and isn't worth the price. Ensure it's at least a double-wall. Studiobricks, Vocalbooth, and LA Vocal Booths are great options.
Low Budget​
The thickest pillows, towels, blankets in your house

Any closet. Small or walk-in. More clothes/soft stuff the better

Medium budget
High budget
MICROPHONES
There is no "one size fits all" microphone for voice actors. While there are some industry standards you'll never truly know how any microphone will sound until you try it on your voice and in your recording environment. Your room and acoustic treatment have a huge impact on your overall sound. Get your acoustics right first and great sound from your microphone will follow.
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Some USB microphones are ok if you're just getting started in voice-over. They are more simple to operate. But when it comes time to upgrade in the future - you'll have to invest more than just a new mic. You'll also need a microphone cable and an audio interface.
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If you're looking to upgrade your existing microphone - Jordan can analyze your current microphone, voice print, and room - and then recommend specific microphone models that will prevent harshness (especially sibilance), and more. Contact Jordan if interested.
USB MICROPHONES
NON-USB MICROPHONES
Low Budget​
Medium budget
High budget
MICROPHONE CABLES
Your Microphone Cable may be the most overlooked, and least sexy, piece of gear in your home recording studio. A cheap mic cable can add unwanted "hiss" or noise into your recording, may limit the full sonic fidelity of your microphone, be more susceptible to electronic interference from other devices (making buzzing noise), and won't last long.
Many budget microphones come with a kit (like a cable, headphones, etc) and may include an XLR cable. Usually these included cables aren't very good quality.
Luckily, investing in a high quality cable will last you a lifetime. Do not go cheap on your cable! If you have a standalone microphone you'll want to invest in a high quality XLR cable. If you have a USB microphone, this section does not apply.