Or if you have some spare basement space, pick up an old Dell PowerEdge or some HP equivalent from eBay and slap ESXi on it. Works well for me, and I use my PowerEdge T410 for some other home services. 12 cores, 24 threads and 64GB DDR3 ECC RAM goes a pretty long way.
If you’re an Emacs user, TRAMP makes running compilers on an external system feel almost completely transparent. New shells automatically open up on the remote machine and it feels almost local if your network latency is low enough.