This is a good, quick video from the publishers of This Old House magazine. They go over 5 very important considerations before diving into a remodel.
There is another way to think about the remodeling process tho. If you are a little more flush with cash, you can start a remodeling project(with a very trusted General Contractor)without having all the details worked out, but the GC might insist on a 'Cost Plus Contract'. Typically the contractor will give a very strong estimate for every line item in the contract, but the aesthetic details will be listed as 'allowances'. Then, it is up to you as the homeowner/client to stay within the 'allowance' or decide to exceed the allotted amount. Your contractor should be able to tell you right away how that will affect the overall budget. Since, not only will the material costs go up, your contractors overhead/markup fee will increase because it will be based on a percentage of all labor and materials.
It sounds scary but your expert contractor, in a cost plus situation, should have given you realistic allowances. Another big advantage is that the job costs are completely transparent. Unlike a fixed bid, which only shows you that ominous big, final number, the cost plus job shows every last little expense you are paying for. NO HIDDEN COSTS!
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