Start planning for a home remodel project

As 2015 draws to a close, plenty of homeowners find themselves pre-occupied with visiting family members, going to holiday parties and relaxing with sons and daughters. The end of the year is also used by many to think back on the previous year and set resolutions for the new one.

If you're a homeowner, one of those goals should be that remodeling project you've always wanted. Whether it's an addition to add extra space for your growing family, of converting an unused bedroom into an office, make 2016 the year that project is completed.

The sooner you make a commitment, the more time you'll have to create a checklist of the steps needed to complete the project. You can also get a head start by talking with contractors or professional remodeling services to book their services at just the right time and avoid having to wait.

What are you renovating?

You'll first want to settle on the project you want completed. Unless you have a large sum of money on hand, you'll likely only be able to afford one major renovation for the next year. Take into consideration what the project will improve and above all, remember any project will add value to your home, should you decide to later sell.

Common renovations include turning an attic into a bedroom. It is cheaper than building extra rooms because the renovations doesn't require to build an addition.

Kitchen remodels are another big consideration and can bring some much-needed upgrades to an important component of the house. Consider swapping out the countertop, cabinets, sink and hardware. In addition, an island can add valuable cooking space, or an area to enjoy a cup of coffee at.

However, you don't always have to get the ball rolling on large projects. According to U.S. News & World Report, smaller renovations, such as window and garage door replacements, are just as important and will also help boost the home's value.

Create your budget

As with anything else, you'll want to create a budget for your renovation project. A service such as Home Advisor will give you an idea about the average cost for a project. An addition, for instance, cost homeowners an average of $41,000. A basement renovation, meanwhile, cost an average of $18,500.

Once you set your sights on a project, you can contact the appropriate contractor or company that will oversee construction, and they'll provide an estimate. Further suggestions from U.S. News & World Report include setting a reasonable budget, but one that still accounts for any surprises during construction.

From there, you can go about securing the money. According to Red Beacon, you can secure a home equity loan or a personal loan to finance the renovation if need be. Smaller projects may not require additional loans, provided you've saved enough money.

Obtain permits

Another benefit of creating a goal for the renovation and starting to plan early revolves around understanding the entire process. If you're building an addition or other large project, you will need to obtain the necessary building permits. Failure to do so can result in fines and the reopening of walls and ceilings.

Likewise, you can also schedule a home inspection service to come out and look over everything following construction. This is an important step not only for your safety, but also because if you decide to sell, you'll need to provide the appropriate documentation detailing the renovation and that it had been inspected.

Take some time out of your busy holiday schedule and start to create a checklist for your long-awaited home renovation project. Use 2016 as the time to complete the renovation, and start planning early so you aren't caught off guard or forget any important steps.