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Renovating your house will involve lots of planning and a huge investment of time and money – it will also bring the rewards of satisfaction, a sense of home, a space that's designed precisely to your needs and preferences, and potentially a significant increase in the value of the asset.

There's a lot to consider before and while renovating your home. Here are five tips to keep in mind during your home renovation process.

Allow for your renovation to take longer than you expect

All sorts of things can push out your renovation timeline. Parts you're relying on may be difficult to source or have supply issues. Tradespeople may have underestimated how long the job will take, or maybe they'll fall sick or injured and be unable to work unexpectedly. Something may be done incorrectly and need to be redone. Wriggle room is an essential part of a realistic timeline for a project with so many moving parts.

Suppose you have a non-negotiable life event on the horizon or a big commitment that cannot be moved; factor this in before starting your renovations. Do you have a non-changeable plane ticket that you can't afford to lose, and being away from your house would be a problem? Consider organising safety nets in case your renovations run over, and you won't be around – do you know tradespeople personally that you could trust to communicate with you and keep you involved from a distance while you were away? Do you have a trusted person who can manage what needs to be done in your absence? Or would the risk be so great that it would be best to postpone beginning your renovations until you're clear of big future plans?

Budget for professionals

When it comes to the foundation of your home, cheap now might mean paying for it – in every sense of the word – later. Wiring, plumbing and foundational construction are not the places to cut corners and reduce costs. If you have a mate who's licensed and offering mates rates – yoink, that's awesome. Take the deal! But if you're thinking of 'having a crack' without any experience, think again – always use a licensed professional for your electrical renovations.

Use your discretion; if you're in the know, experienced and you reasonably believe you're capable of hammering this or sawing that, then sure, save your money there. As safety implications come into the mix, like electrical work, spend the money now for the quality and peace of mind later.

Build relationships with your neighbours – don't be 'that house'

You're going to make noise, and it's likely people who live nearby won't be stoked. A heads-up can go a long way when it comes to being neighbourly. Consider knocking on your immediate neighbours’ doors to let them know the scope of your plans – info like the type of tools or equipment they'll be hearing, how long the project is planned to take, the days and hours you're considering having tradespeople around and where they may be parking their cars.

It can be a lot easier to have patience for the nice family down the road that's reno-ing their kitchen for the next couple of months than it is for the faceless people waking you up in the morning with the sound of power tools for who-knows-how-much-longer. If you're not a knock-on-the-door person, you could put a letter in their mailbox.

Think about which investments will save you costs in the long run

Are you renovating your kitchen? What will be cheaper: eating out for every meal or investing in a camping stove or a BBQ or some other means of cooking?

Are you renovating your bathroom? This one can be trickier – do you have friends or family you can rely on for showers? Or maybe now's a good time to try on that gym membership for size for access to the amenities (and a new exercise routine!). Is your project lengthy? Would a portaloo be extreme, or is it your best bet for this essential amenity?

Consider street appeal

When it comes to your house, it's not just what's inside that counts. If you're renovating to sell eventually and profit, it's important not to neglect street appeal. That first photo a potential buyer sees is always of the front of the house, or of course, people visiting in person will make a judgement on the outside of the house before they've seen the inside. A custom security door will add value to your house – many buyers highly value safety and style.

Consider security

At the planning or blueprinting stage, consider your home's entry and exit points. How many ways are there to enter the house? Can these points of entry be securely locked? Remember also to update your fire plan to match your new layout.