Do a cost estimate with a contractor, then have multiple contractors prepare bids.
Most home renovation projects tend to go 15 to 20 percent over budget. Robyn says you need to set a budget and ask contractors for line by line descriptions of items for the renovation. She says you should also have a clear idea of your project. "You need to figure out in sort of a general way what you are doing," Robyn says. "Are you doing a bathroom? Are you doing the kitchen? Or are you adding a wing?" Explore Nate Berkus's Manhanttan home.Do your homework.
The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.