I would suggest pulling this post and putting up a new post with your budget, available square footage, style of music you plan to record and whether or not you intend to work with the public.

My very first studio was in my home and I was able to pull in off with about 500sqft of space. The facility, though, had to have a separate breaker box for power and its own air conditioning. Also, it had an entrance that didn’t route my clients through my house.

Yeah, your question just can’t be answered until we know what you plan to do with the space.

Good luck
References :
http://www.fullclipaudio.com
http://www.myspace.com/fullclipaudio