What are your current and future needs? Will you need space for the kids, will they be moving out any time soon? Now map out the must have’s vs the nice to haves. For example, a 3rd bedroom for your teenage boy may be a must have whilst the skylight in the hall may not be.
How much will the renovations costs, do you have the available funds, how much is the expected value to be added to the property, will the renovations actually cause your home to lose value?
What is the condition of my current home – Will I be renovating more than 50% of my home? In many states and territories, if you renovate over 50% the rest of the home then will need to comply with current building regulations, such as new wiring, plumbing and energy rating and this can add a significant cost to your renovation.
What do you want to achieve from your renovation and would it be cheaper to buy a different home rather than renovate?
Will my renovation be in keeping with the style of homes in my area or will it stand out like sore thumb? Often many people like an area for its style of properties and a poor design that doesn’t compliment the surrounding homes can devalue yours.
Am I renovating to sell or to live in as this will dictate budgets, scope of work, design and the finishes you choose.