Planning the Renovation

A 10-Step Renovator's Checklist

1. Read books and magazines, talk to your local renovation centre or hardware chain and shop around. Once you have a good idea of what you want, prepare a detailed description of your renovation project. Put as much of it as possible in writing.
2. Get a clear picture of your current financial situation. Your personal banker can give you a preliminary idea of the financing options available to you, with no obligation on your part to proceed.
3. Spend as much time as needed fleshing out your plans and specifications, whether you do this yourself or hire out. The better the planning, the smoother the execution.
4. If you have decided not to do the work yourself, have at least three contractors bid on the job, submitting detailed written quotes.
5. Choose the best contractor for the job, taking into consideration the quote, the start and completion dates, and the contractor's experience, professionalism and references.
6. Based on your savings, your monthly cash flow and the payment terms, choose the financing option or options that are best for you.
7. Once your financing is approved, have a detailed contract drawn up which specifies, among other details, the terms of payment.
8. Regularly check the work being done. Tell your contractor about any problems or errors as soon as you notice them.
9. Make your payments to the contractor according to the terms of your contract, being sure to hold back a portion of each payment to protect yourself against potential liens on your property.
10. Once the work is completed to your satisfaction and you are certain that no undischarged liens have been placed on your property, make your final payment to the contractor. Then sit back and enjoy!