1. Plan your renovation budget

Get quotes from several contractors and make sure they include the same items, so you are comparing the same scope. Decide whether you want allowances for finish items or prefer to buy all finishes yourself. Make sure your budget is realistic for the quotes you received and the finishes you want. If it isn't, look for areas to save. Contractors can sometimes get better pricing than homeowners, so take advantage of their vendor relationships. It is also wise to keep a 10% contingency, since some costs aren't discovered until walls are opened. If nothing unexpected comes up, you may be able to splurge on that tile or light fixture you love.

2. Get a detailed contract

Always read the fine print. Make sure you understand how change orders are handled, how disputes are resolved, the work schedule and when payments are due.

3. Apply for permits

Depending on your city, HOA or condo association, work may not be able to start until permits are issued. Your contractor will usually handle this, but the paperwork still needs your signature. Completing it thoroughly and on time gets the project off to a smooth start, and required inspections give you peace of mind that the work meets code.

4. Communicate with your contractor

Make sure your contractor knows your schedule and when trades can work, how workers will access your home, whether there is a bathroom they can use or a portable toilet is needed, who is purchasing finish materials, when they should be ordered and who transports them, and how often you would like updates.

5. Prepare the space

Remove personal items, tag anything you want to keep, like appliances and light fixtures, and lock away valuables. Make room for workers to store tools and materials. If you are responsible for prep, cover floors, furniture and A/C returns to control dust and debris.