The studio should be in a room that has neutral characteristics, meaning that it should be square and not have any protruding corners or angles. Avoid rooms with wood floors that can "reflect" sound. Or cover the wood floor with carpeting .
Foam can be used not only to block out sound from outside the studio but to absorb the sound generated in the studio. To block out sound, you need soundproofing foam, which usually comes in the form of dense block panels. Install these panels either within the wall, if you are building a home studio, or on existing walls if you are converting an existing room into a home studio.
You should line the walls with acoustic foam to ensure that your home studio has adequate audio absorption. Measure your room, get an adequate supply of acoustic foam, then at the top, near the ceiling, cutting the foam once it reaches the floor. The foam is attached to the wall with adhesive tabs. These will allow you to remove the acoustic foam later without damaging the wall. The type of acoustic foam you use will greatly affect the quality of the recording you make in your home studio, so make sure you get a good product.
Make sure to consider and find ways of muffling other sources of noise, like vents.