Check municipal building regulations

Building regulations vary from municipality to municipality. It is important that you understand how your intended renovation project fits with your local building by-laws. 

Before beginning, find out what building permits you will require. Many municipalities publish information about building codes on their web sites and who you can contact with any questions.

Be realistic about the size of your project

This is especially important if you intend to complete the renovations yourself. Plan out your project carefully. Make sure you have enough time, money and supplies to complete the job. 

If you cannot live in your home for a period during the renovations, extending that period could become costly.

Do some homework before you hire a contractor

If you hire a professional contractor for your renovation project, it is important that you are comfortable with the contractor's ability to complete the job. Ask around. Friends or family can be a good resource when looking for a contractor. 

Ask those you trust about their home renovation experiences. Be sure to check a potential contractor's references and check the contractor out with the Better Business Bureau.

Don't overextend yourself

With interest rates as low as they are, now may be a good time to look at financing options to help complete that renovation project you have been contemplating. 

There are a lot of financing options out there, so make sure you find the appropriate one for you.  Be realistic about the amount you can borrow and your ability to repay.