If you’ve been dreaming of a home improvement or remodeling project, it’s time to make it a reality. As with any project, good planning is the key to saving you stress and money and achieving the rewards that can come from a newly designed space.

Begin fulfilling your dream by clarifying why you want to do this. The majority of remodeling projects begin as a result of the need to make changes because the house no longer meets the needs and desires of the family. For example, having a baby or growing children can result in a need to expand your space. Or perhaps you have lived in your home for more than 10 years and you are getting an itch to update and modernize. Whatever the reason, it is best to make clear what you hope to accomplish from this home improvement project.

Brainstorm about everything you would like to have included in your remodel and then categorize each item as a “necessity or must have”, “amenity or nice to have” or “definitely not”. In order to organize your thoughts and ideas, create a notebook. This will allow you to keep pictures, color samples, fabric swatches, material specifications, reference phone numbers, budget information and project records in one concise area.

Now that you have answered the why and the what, it is time to take a look at the numbers. Spending time on the budget early on in the project plan, as well as reviewing it at every step of the process, is essential to its success and your sanity. Don’t forget to take into consideration the payback you hope to achieve from this home improvement. Typically a kitchen or bathroom improvement offers the highest payback when it comes to resale. Talk to a trusted real estate agent if this is a major consideration.

Being realistic with what you can afford and when you can afford it will allow you to put together a realistic timetable for the project as a whole. The schedule should be created with the help of your “construction team”, which may include an architect, interior designer, loan officer, and general contractor, to name a few. Areas that typically can cause a ripple in your timetable are the design phase, getting permits and the actual time for construction. Make sure that you have “padded” your schedule to account for these factors.

Identifying reliable competent contractors to work on your project can be as stressful as the project itself. This can also take the most time, so be sure to account for it on your project schedule. The simple answer to getting the best person for your project – research! Begin your search by asking friends and neighbors who have completed their own home improvements who they used. The county building department and Yellow Pages are also places to look. Then do your own homework by verifying their license and insurance, check references and reputation, and view previous and current jobs. Plan interviews that will allow you to assess their personality, approach to problem solving and their understanding of your dream. They may be the best at what they do, but if they don’t “see” your vision of the completed project, then helping you make it reality is going to be difficult. Plan to evaluate up to three bids before you make your final selection.

Through careful planning, the ground work should be completed which leads you to the exciting and nail biting phase of the project – construction. Pay attention to the work as it progresses without micromanaging of your construction team. Walking this fine line can make the difference between a good remodeling experience and a nightmare. Having pre-arranged work review meetings in your project plan can help. Use these to go over any issues that have come up, re-evaluate expectations, monitor progress and maintain positive communication with your contractor.

Post construction, before the celebration party, make sure that the punch list (final “to do” list) has been completed to your satisfaction and that your home owners insurance is updated to reflect your remodel.

It can’t be said enough – good planning will make for a great home improvement project.