Top 4 tips you need to know before even thinking of renovating your home.

1. Do it now
If you’re looking to remodel this year, now is a good time. You may even be able to get your contractor on the phone… on the first try!
The remodeling market has slowed down and contractors may not be as busy these days because homeowners are concerned about rising short term interest rates and slowing home appreciation.
That’s good news to homeowners who in the past may have had to wait up 12 months or longer for services.

2. Think trends, not fads
OK, so we all know that if you want to get the most bang for your buck, you should look to the kitchen and the bathroom.
Remodeling these rooms can give you a 98% to 100% return on your money. Try to avoid the hot trends that tend to come and go like trash compactors or avocado green appliances.

3. Scope out the hood
When you remodel, you want to get an idea of what your neighbors are doing.
You may love the fish pond and the menagerie or the wrought iron fence, but you generally don’t want your house to look out of place.
Bankrate estimates that no matter what you do to increase the value of your home, you shouldn’t plan on pushing your home’s value beyond 25 percent of its current selling price; even in the best market, you probably won’t get it.
On the other hand, if you’re the only house on the block without a deck or a swimming pool, you may want to consider adding features that make your home more attractive to buyers.

4. Contractor checklist
When it does come down to hiring a contractor, there are a few rules you’ll want to keep in mind.
First of all you’ll probably be happier if you go with a contractor who was recommended to you.
Consumer Reports suggests that when it comes to jobs like plumbing or other professional services, you should hire them yourself. Don’t let a general contractor do the hiring. You’ll save time and money.
Make sure you get at least three bids to gauge the going rate, but don’t always jump at the lowest rate. Consumer Reports warns that people who did generally got poorer work.
Of course you know to ask for proper licensing and insurance. Certification from the National Association of the Remodeling Industry is a plus.
Finally, it comes down to dollars. Get estimates. You should have a piece of paper that lists the products, material, labor costs and a time table.

Source: money.cnn.com