I'm home recording my second album currently and want to do it at a way higher quality and starting to spend a little more on VSTs and plugins and stuff. But the sheer amount of possibilities and options made me wonder the following:

1. Do I need this particular thing?
2. Is this better than the cheaper or free option?
3. This is in most DAWs, what does it have to offer additionally?

This applies especially to things like Channel Strips, EQs and Compressors and Reverb. Also while we're at it, what is a channel strip for? Is it "just" a package like a MultiFX?

I was thinking, as soon as I'm able to and discounts hit, I'll get NI Komplete 13 and maybe an iZotope suite that has Neutron, Nectar and Ozone and that this would be basically all I need. But then I see all these lowpriced alternatives and question if they would do the job as well. Or do I need some of them to completement the "big ones"?

Thanks in advance for your time!