For voiceover work, is it more cost-effective to build a home studio or rent a professional one?

I am very happy with my home studio I created with expert advice and would not have the time or money to go to a studio outside my home. Much of the work I do requires quick turn around, which is not possible if I have to go somewhere else to record.  Sound treatment at home is easy for beginners, with lots and lots of pillows, towels, and thick blankets to absorb external sound and internal echos.  Also, think of a space that is small but not too small, hard surfaces that are too close just add to the echo.

I agree with the other comments on this one. Home studio is definitely the way to go! When you're starting out, you want to save as much money as you can. Add to that the ability to just work from home, using the home studio is the best way to go. Another reason for that is that you might have to create a mobile setup. If you've got something that can be easily setup/torn down, you can do your work ANYWHERE! I have taken my VO rig camping, into hotel rooms, even recorded in the car! Get good at recording anywhere and the sky is the limit for this career!

I started recording from home in my clothes closet.  The hanging garments provided enough noise dampening and I had good professional equipment and DAW.  My home studio is now a converted closet with full sound treatment, but I can't tell the difference between recordings made between the two.

The most important thing to consider is removing yourself from outside noise. Interior closets without a window or exterior wall are the best.  You can record from home easily, just invest in medium priced professional microphone, audio interface and a good DAW (Digital Audio Workspace) like Adobe Audition.

I absolutely agree. In the long run renting a studio would be way more expensive. There are loads of video guides available on how to set up a not too costly home studio.

Having the ability to record any given time at home comes in particularly handy when customers request a revision or suddenly realize they need to change a tiny bit in their script.

So, thumbs up for the home studio.

In my opinion it's much better to have your own home studio, especially if you plan to do VO as a profession. You can build a good sounding recording studio pretty inexpensively these days. As you progress (and make some money) you can upgrade. Renting a professional studio is costly, so this is a No Brainer!