While I love having gym equipment at home, my one complaint is all the space it takes up. Since I don't have a designated fitness room, I try to buy things that can be easily hidden.
So instead of having several pairs of bulky hand-weights, think about investing in adjustable dumbbells. The Speed Pac ($46) gives you an entire set of weights in one, all you have to do is select your desired weight and then lift. You can choose between 2.5 lbs to 12.5 lbs of weight on each for a maximum of 25 lbs. total resistance. That is a lot of variation for under 50 bucks. Buy a set here.