Do your research. Check out your project on the National Association of the Remodeling Industry's website to get a sense of what to expect with price and return on investment. Also, look at property values in your neighborhood to make sure your plans are in line with surrounding homes.

Think long term. How long do you plan to stay in the home? Will the size of your family change in that period of time? Answering these kinds of questions will help you decide if your project will still match your expected lifestyle years down the road.

Here comes the tough one: settle on a budget. Before moving forward with any serious plans, make a realistic budget for yourself that includes work and materials, plus a little buffer. Share this number with your remodeler—professionals will be mindful of your budget and plan accordingly.

Spend time on your contractor search. Get referrals from your friends and family, and then research them online. Look for credentials beyond licensing, like certifications and memberships in trade associations. Choosing the right remodeler for the job is one of the most important decisions you'll make!

Prepare your questions beforehand. Remember, a remodeling project consists of more just cost and timeline, so have a detailed list of questions ready when you meet with prospective contractors. Ask about their background, training and experience, previous jobs, and any special skills that make them particularly well-suited to the project at hand.

Do a background check. Contracting is not a business in which you can trust everyone blindly. Double check all information you're given, like licenses and certifications, and ask to visit an active worksite. A professional will not be offended, but rather will see it as a positive sign of a successful partnership. They probably will expect you to ask!

Read the whole contract word-by-word. The contract should protect both you and the remodeler, so make sure you get it right. Ask your contractor to explain any remodeling terms you are not familiar with. Make sure everything is spelled out clearly—from fees to timeline to responsibilities. If it's not in the contract, it doesn't exist.

Don't overlook your design—it's the reason for the entire project! Clearly express what you like and don't like about the space, and what you'd like to change. Feel free to use images as examples, but articulate what aspects of the photo you like the most.

Choose wisely. Many people don't anticipate how labor intensive selecting all the materials and products can be. In fact, a long decision-making process is the number one reason for extended timelines. Factor quality, style and cost into your selections, and include them in the contract to lock down pricing.

Talk about communication upfront. Don't fall prey to the classic renovation mistake of not laying out in advance how you'll contact your remodeler. Nail down your plan at the beginning of the process and discuss availability, method and frequency of communication. And good luck!

If you're interested in more on remodeling, consider: 

7 Renovation Tips to Boost Resale Value

5 Smart Home Improvements? Think Again!

3 Top Apps to Help You Plan a Remodel