tolerance

what tolerance do most people hold on there desktop cnc mills and lathes i'm a machinist by trade 23 years have a shop in my basement to with a converted mini mill to cnc converted 7x12 lathe to cnc both stepper I can hold +-.005 on mill, +-.001on lathe but I think should be better my dad who was a tool maker tells me that is great for basement machines he says if I want better I should buy what they have were I work fadal machining centers hardinge cnc lathes what do other think should i be happy with my basement machines? thanks all at cnczone