When done right, renovations can greatly improve a property. However, many improvements fall in the opposite category, as blunders that cost homeowners more time and money than necessary. Of course you want to avoid the latter, so how do you set a course for smooth home improvements?

1. Don't rush into a renovation. Renovations should not be done quickly. Planning is one of the key elements of any project. Take a few months to figure out what you really want done, consult experts, if needed, and draw up a plan of action. You also want to compare costs of supplies and labor so that you get the best value you can.

2. Don't underestimate the time frame for completion. You may have lofty goals of completing your project in a set time frame, but it's Murphy's Law that unexpected things always pop up to squash even the best-laid plans. It's reasonable to have a budget and a tentative schedule, but keep in the back of your mind that things like unexpected repairs, permit applications, contractor delays, etc. could - and likely will - push a project beyond your estimates.

3. Don't think you can do all the work yourself. Many homeowners like to get their hands dirty and think they'll save money through "sweat equity." What you save in labor you may make up in mistakes and the extra time it takes to complete a project. While not all contractors are good ones, the ones who know their jobs can usually complete work in half the time of a do-it-yourselfer. You have to weigh the benefits.

4. Don't follow every trend in magazines. While it's tempting to try showcased trends, you should keep the style and the integrity of your home in mind. Choose materials and colors that fit in with the style. A country cottage will look strange with ultra-modern décor.

5. Set a budget. Without an amount in mind, you may find yourself way in over your head. Use your consultants to help estimate your costs before you start your project.