Definitely do your research before making a decision on this one. We considered it, briefly, with our daughter -- but ultimately decided it was just too much to tackle.
One thing I didn't even really consider, initially, is that "homeschooling" doesn't even necessarily have to mean you're keeping your kid at home all day, acting as their full-time teacher.
In at least some areas where there's an active homeschooling community, it's possible to work out arrangements with other people so you teach a subject or two that's your own area of expertise, and then you let your kid learn from other homeschooling parents who are teaching other subjects they're best at teaching. There are lots of possibilities here, up to and including parents who are willing to teach your kid most of the school day in exchange for you bartering for something they need like transportation and fixing meals for them.
At some point, I think this starts to blur the lines enough to where you start asking how much different it *really* is than just putting them in the public school you're already paid for via your taxes anyway? But there are a lot of ways to do homeschooling when you work with others in the community doing the same thing.
I've heard multiple parents who did home school comment that they felt it was easiest and most effective for younger kids though. By the time their kid(s) got to grade 6-9, they often put them back in a standard school. (Probably makes sense as middle school is when kids really begin valuing things other than just the learning process itself. Peer relationships start becoming important, and I think for many kids - it's actually the peer pressure to look intelligent or to "keep up" with one's classmates that provides motivation for them to keep working. With home schooling, part of that is lost or weakened.)