What is the best way to go about a starter mechanics kit for the home? I know Park tools makes a started kit for about $80. Any advice?

Save your money, and buy only the tools you need specific to your own bike(s) as you need them. Not all bikes use the same tools, and you may not be doing every kind of repair, so any kit will contain tools that don't get used. There's also a shelf life to tools, so if you think, you'll eventually use all those tools you may be disappointed. By shelf life, I don't mean that tools go bad, but that bike parts keep changing, so some tools become obsolete every year.

Sometimes tool sets are the way to go, Sears Craftsmen tools sets are a can't miss way to start. But you can also go about building a set by just buying exactly what you might commonly use, then upgrade from there. Some cheaper manufactured sets include sizes that no-one will ever use such as 9mm, 16mm. Never ever buy cheap cheap tools, its like throwing money away since they may not even be usable one time.

Basic metric & standard combination wrenches, metric & standard allan wrenches, name brand Vice Grips, Irwin channel lock pliers, a good 6-way screwdriver, a name brand 8" crescent, a hard-rubber hammer. For starting out you don't really need to worry about socket sets.
Here are the combination wrench sizes that you should have

5/16", 3/8", 7/16", 1/2", 9/16", 5/8", 11/16", 3/4". You are less likely to need sizes larger or smaller then those. In metric 8mm, 10mm, 12mm, 13mm, 14mm, 15mm, 17mm, 19mm.

That would be what I would start with.

Add to that list a full set of cone wrenches and you'll be covered for at least 80% of the repairs you'll be doing.

Don't take this personally, but thank you for making my point. None, not one, of my current personal bike uses any of these fractional tools. My A road bike doesn't use any of these metric tools and my A commuter uses none except the 10mm (box or open). However all my bikes use 4,5,& 6mm hex keys, a pedal wrench, and the commuter uses a 19mm cone wrench for centering the cantis (a 19mm combination is too thick).

My point whether you prefer sets, or buy as you go, do an assessment of what you actually need (and will use) and compare your needs list to the contents of any kit. Then compare the cost of buying loose vs. the set. One other reason I don't recommend sets is that no one maker makes the best version of all tools. You may prefer mostly brand x tools, but for some will vastly prefer Brand Y or Z.

If I look at my selection of tools, there isn't one brand that accounts for more than 20% or so.

I'd recommend staying away from multi-tools; trying to install a water bottle cage with a multi-tool is exquisite torture. Get good sets of hex L-wrenches and combination wrenches to suit the fasteners on your bike (metric or fractional). You can take just the ones you need on the road, have well-fitting tools and probably save weight over a multi-tool as well. As mentioned above you can add tools as the need arises.

A good chain tool, well-fitting nipple wrenches and a good cable cutter are good investments.

I'm leery of Channel-Locks or Vise-Grips for bike work.

I've needed a 9 mm wrench several time on bike components and the 16 mm is useful for other things but a 5/8" SAE will substitute for it in a pinch. Of course a socket and combination wrench set in both metric and SAE sizes doesn't have to be limited to bicycle work. Cars, appliances, etc. all need work occasionally.

+1 to FBinNY's advice. Premade kits are going to contain tools you never use and it's more efficient to buy specific tools for specific jobs. There are a couple of general purpose tools any bike owner who has any interest in mechanics should have and that's as set of metric allen wrenches, a set of cone wrenches and a good chain tool. Beyond that buy for specific components.

The question was for a basic home mechanic set, so I wasn't answering specifically for bicycle. I spent many years as a pro auto mechanic so I was thinking about it from the standpoint of what are the absolute must haves for basic mechanical repair. In a pinch I could fix anything on a bike with a screwdriver and a pair of vice grips.

Good point on sets though, it is better to see what specialized tool you might need then buy whole sets.

Fixed it for you.

Sounds like someone is speaking from experience.

Fortunately, I'm speaking from the experience of observing others. My father was quite clear that the right tool is the right tool.

If you don't have the right tool though sometimes one has to get by with what one has, this is where good work practices can pay off. Used correctly vice grips can be useful. 25 years ago I had $10k worth of the rights tools, Snapon, Mac etc. Nowadays I keep a basic set of stuff, can't live without vice grips.

I figured that since he asked in a bike forum, he wasn't talking plumbing, electrical or auto repair.

My answer is limited to bike specific tools. I assume that by the time someone is buying bike tools, they already own a variety of generic tools (though I'm constantly surprised by how many don't own a single file).

I bought this Nashbar toolkit. I've used it to pull several cranks of of bikes, break a few chains, attach new crankset, change bottom brackets on two different bikes, add pedals, remove pedals, true wheels. All for $45. Are these top of the line tools? No. But personally I found there are many tools that are bike specific that I did not have.

Cheers,
Charles

If you start with a decent set of allen wrenches from the hardware store (Metric of course) you're probably good for 50% of the bike repair you're going to need to do. Add to that a handful of crescent wrenches (they do come up, usually 8mm,9mm,10mm and 15mm) and that accounts for another 25%. Beyond that, buy specialty tools when you need them.