Re: your wisdom woodshed
My practice space (a room within a room in my garage), the amps and microphone are because the room is also used for my band. The practice room was built a year ago on a small budget, reject carpet tiles bought online for 20p each, that sort of thing. I am very happy with the room, the size, the look, the sound and had no complaints from the neighbours!
PS. We did actually fork out for acoustic foam and sound board plaster board along with the other budget methods. Works a treat!