As for financing a renovation, Dahill noted that Citizens Bank, where he works, is one of two banks in New York that does construction loans as well as purchase and renovation loans. In the former, the bank would loan money for the reno work alone. In the latter, the bank makes a loan for the total cost of the home purchase and the renovation, up to as much as 80% of the total final value after work is completed.

To get these loans, Dahill noted that borrowers will need a team and plans in place already. The bank will want to see specs, plans, a budget, and other details.

If a construction loan isn’t an option, Dahill advised either taking out a home equity line of credit or a cash-out refinancing of the home. The former could get a renovator 80% to 90% of their home equity in cash, he said.

Asked about their biggest mistakes in past renovations, Bordelon mentioned not ordering enough materials, which caused delays in the process, and Dahill said his biggest mistake was going with the lowest bidder on a project. A super-low bid “will usually come back to bite you in the backside,” he said.

Part 2: High-Value Projects and Designing for the Long-Term

The second panel focused on the end goal of a home renovation and finding ways to make it pay off when the home is sold. It featured Natasha Habermann of Natasha Habermann Studio, an interior designer and small-space expert, and Jason Saft, Founder of Staged to Sell Home and real estate agent at Compass, with moderator Amory Wooden.

Asked what kind of renovation work costs the most, Jason Saft said it’s always moving big stuff, like areas with plumbing (ie, kitchens and bathrooms) or mechanical elements. Both Saft and Natasha Habermann noted that there are many ways to save on kitchen and bathroom surfaces, largely by forgoing designer materials in favor of ones that looks similar but cost considerably less.

No matter what plans you go into a renovation with, and what budget expectations you have, “Be prepared to make mistakes, and embrace them,” Saft said.

When it comes to renovating a small living space, Habermann advised making a list of everything you’re storing, and planning for that from the start. As for the look and feel of a smaller space, “try to create almost rooms within a room,” she said — using accent walls and furniture to make a given space work for multiple purposes.

“No one ever has enough storage space, no matter how much money they have,” Saft said.

Both Habermann and Saft advised that if a renovator isn’t into design, and doesn’t feel confident in their taste, they shouldn’t take risks with unusual colors or patterns in permanent places like kitchen or bathroom surfaces. So no, those pink cabinets may not be a good idea. Saft said this advice doesn’t apply to things you can pick up and move.

But “if there’s one thing you really want, go for it, and you can change it later,” he said.

Saft also advised not being in a hurry — acknowledging that this can be a challenge for over-scheduled New Yorkers. Both he and Habermann said some of their biggest mistakes in renovating came because they were in too much of a rush. “It’s your home — breathe a little bit and figure out ‘what do I need and what do I not need,’” he said.