I converted my detached two car garage into a small commercial recording studio. I did it myself. It was a lot of work, and expensive even doing the labor myself.
There's a lot to consider… dedicated electrical, HVAC, plumbing, tons of 5/8th sheet rock, lumber, neoprene pucks, real hardwood floors, thick solid doors with oversized jams. What ever number you are thinking in your head… double it. I bought the house specifically for the detached garage, as I was looking to build my own place after years of running my studio out of a leased farm house. My space is also on a concrete slab and the exterior walls are 8” concrete block so I had a pretty good starting point for isolation from the outside. Also the space will shrink quickly, having to air gap walls, layer multiple materials, hanging traps/diffusers, floating the floor, all eats up a lot of space.
I'm a full time producer/engineer so I'll say for me it's paying off. The thing that sucks most is all of the money could have been spent on a rack full of 1073’s.