Your first consideration is to assess the condition of the home you are buying and the size of the remodel you'd like to do. If you've bought a house whose kitchen and baths need work but that you can live with for now, you might consider living there for a while to get a feel for what you want out of a remodel.
Consider how to optimize the floor plan, utilization of rooms, the quality of the light and what finishes will look best.
During that time start, if you haven't already, buying design and architecture magazines to begin filing away things that you like in various kitchens and baths. What finishes do you like? Very modern? More traditional? And figure out the color palette that will best suit the house and your taste. Although you might not be able to afford specific very high-end items, it's amazing what you can do these days with less money. Prices have actually gone down for items like counter tops, lighting and cabinetry! Plumbing fixtures are as expensive as ever but you can save money elsewhere. Be informed! Shop around.
The web site houzz.com is a great place to start to look for design ideas (warning: it is hard to stop once you start). I happen to know someone who stayed up late into the night-every night-until his remodel got started.
Some new homeowners (a few) have socked away a lot of cash for the day when they would remodel a home but most of us fly by the seat of our pants. The greatest and most valuable piece of advice is to have a plan.
Interview architects and pick an architect who you like and whose work you like. You'll want to plan for things you might do in the future even if you don't have the money for it now. A good architect can help you design and to plan your project in stages. Without this plan of action you could (it has happened to all of us) end up having to redo parts of the original project because it doesn't ultimately it with new ideas for the rest of the remodel.
Having a plan is helpful in establishing an overall budget. By doing this, your investment is protected and assures you that you won't over improve your house. Most projects exceed the plans by 20%, so plan some cost overruns. Again, planning and design legwork can save you a lot of money. Why? It is the change orders in the middle of your remodel that are so costly. If you know from the beginning what you want and how much you can afford you can mitigate the heavy costs of changing your mind mid-stream.
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