THis one's got some good ideas. Do you have a space to use or are you going to have to create the room.
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Plywood or OSB enclosure lined with paper egg boxes to kill sound reflection. Depends a lot on what you want to do and how cheap you can put up with. I wait until everyone is in bed if I want real quite for recording.
Take a look at the "related" section next to my answer here. You can also search "recording studio" in the search box. You'll get lots of good ideas.