Setting up a Basement Studio

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Hi gang - new to this forum - looks great, and am anxious to participate moving forward. I didn't see a suitable forum for this particular subject (home studio design), but as I am a bit of a newbie on the engineering side of the console, I figured I would post here in the newbie forum ....

I am attaching a small photo of my basement studio. My wife and I just bought a new house, and it has a great unfinished basement (the logical place for me and my "stuff"). Of course, the problem is, it IS unfinished. One of these days, when I finish it, I will tackle the problem of soundproofing, acoustic design, etc. But for now ...

Most of the stuff I record is acoustic (guitar and vocals only). The problem is, this basement is NOISY. What you can't see from the photo is that about 100 feet away, the two furnaces are sitting there - hehe. If they're not running, its not TOO bad, but given the fact that the space is wide open, with concrete floors and 10 foot ceilings, it leaves a lot to be desired in terms of acoustic quality.

Any tips on maybe putting together some inexpensive baffles, enclosures, etc? I was thinking of maybe building a makeshift "booth" out of paneling and 2x4s, possibly lined with carpet or something. Just something to get me by for now. Open to all suggestions! And no, moving out of the basement isn't an option right now ... :-(

Cheers.
Scott

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Whoops - just realized that there is a forum here for studio building - will post over there.

Thanks!