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One of the most critical stages in a new home renovation project is the design phase. This is where lots of projects get derailed because the design blows out the budget without the homeowner realizing it until it's too late.

And it's a problem that is easily avoided or at least anticipated.

When you start a renovation project, it is only natural — and smart — to have a set budget in mind. There's no sense in improving your home if you can't afford to live there after the project is completed. But it is important to avoid sticker shock, so design around your budget.

First, you want to make sure your contractor has developed a realistic schematic plan — a floor plan showing your wish list of how you want to improve your home in this renovation. The process of drawing up one of these schematic plans is relatively inexpensive, but it will allow you to evaluate your budget and determine if it allows for your dream renovation to become a reality.

What if it doesn't? Well, that's why the schematic plan is so invaluable. If you can't afford to increase your budget, then it's time to hold off. There's no sense in spending thousands of dollars moving forward with a project if you can't afford the final product anyway.

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