Yes, the hard surfaces will cause problems - Room modes will be very strong. So at any position in the room, certain bass notes will be very strong and others will be very weak. The tonal balance will change in different places in the room - What's weak in one place will be strong in another and vice versa. Fixing that requires large panel dampers and or bass traps.
And the hard flat surfaces may also make the treble sound shrill. That's much easier to solve, because any sound absorbent material can fix high-frequency reflection problems. Acoustic wedges, thick furniture and carpets can all be used to damp medium and high frequencies.
So install lots of damping. And sit very close to your speaker.
This is such a good point because I have also been thinking of setting up a similar room in the basement, but not necessarily for practice. Hopefully setting it up correctly isn't going to be too costly because I only intend to use a little space.