Hardwood floor may be alright, you will want to deaden some of the walls/ceiling.
Auralex make some great products
www.auralex.com and check like mix magazine or some other recording magazine or onliine sites. I had a studio a few years back and made all the sound baffles myself, wasn't very hard to do and you can save some of that money to buy the never ending supply of outboard gear you will need.