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My 2 cents:
If you need to make a living with it:
* get a house with a separate building for the studio, keep it away from your home/family/distractions.
* get a place where the atmosphere is inspiring for recording
* get a place that is at least twice as big as you think it should be
* get a place where you can start with minimal investment and then expand and built up as you make money with it.
If it's just a hobby, get any place that feels right.
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