We did this for a few years in an outbuilding in the pub garden , before it got developed
Pros
Storage (only big stuff, nothing that could easily be carried)
Local
Free or cheap factoring in gigs (but see cons below)
Atmosphere, if people in garden often people put thier heads in , sometimes even people started dancing and turned it into a mini gig
Cons
You felt obliged to buy beer, and the rounds ended up costing more than a studio slot!
If you don't feel obliged to buy beer you may anyway
Sometimes friends would turn up and distract from the focus
Sound carried , not all the locals liked it