The topics discussed in this section represent decisions that will affect the entire project and should be made early in the process. Good planning is key to the overall success of the project.

This section discusses the two major early planning decisions that will most affect the outcome and timeline of the project: financial decisions and management decisions. Financial decisions include budgeting, contingency planning, and financing. Management decisions include timeframe, "sweat equity", and hiring professionals.

Keep in mind that no amount of planning will cover all contingencies, but a sound plan can help you overcome any setbacks that crop up through the process.

One of the fundamental aspects of sticking to a good plan is to start with good record keeping. I strongly suggest maintaining a three-ring binder with copies of all proposals, invoices, decisions, and research. You can also use this binder to store warranties for the fixtures, appliances, and materials in your project. At the end of the project it serves as a historical record of your process.

Taking Stock

• What "level" of project you are ready to undertake - full gut rehab or simply redoing the kitchen and bathroom
  
• Where you want to live - every neighborhood has its own individual character
  
• The kinds of spaces you want in your new/old home
  
• How do you want the home to feel - modern, historic, refined...
  
• The level of finish you desire - solid surface or laminate counter tops, vinyl or ceramic tile, carpet or hardwood floors...the list goes on and on
  
• Which architectural features in the home can be saved, replicated or refinished
  
• How will the project be financed - several banks offer rehab loans based on the future assessed value of the home. In addition, there are state, federal, and local incentives to renovate homes in certain areas