This is a very debatable topic over the internet. Freelancing v/s typical 9-5 jobs, both have few pros and cons but i will discuss freelancing in this post.
Pros:

Freelancing gives you the freedom to do any work anytime you want, you can work late nights and get up late in the morning.
You are not answerable to anyone and you are your own boss
You choose to work on projects of your choice and which you think you can complete them.
There is no fixed pay as you are paid for the projects you …

People who want to work as a “freelancer” or work from their homes, they need the following to setup their home offices.

Room (A place which you can turn into your home office)
Computer System (minimum Core 2 duo recommended, though it depends on the type of jobs you will be working on. I am saying this because for data entry projects you dont need to have a high speed computer)
Internet connection (DSL connection recommended, again it depends on your job type, for web developers they need to upload/download files via ftp …