6. Have a contingency for Murphy and his friends. Remodeling is different than new construction. There can be many surprises behind the walls either relating to water damage or previous remodeling done in less than a professional manner, etc. Most areas of concern can be identified prior to construction, and some assumptions made as to the extent, but there is always something to learn. I would recommend putting aside at least 10%-15% of your total budget for contingency and then as milestones such as demo, plumbing and electrical are passed, you can gradually relax on the “what-if” and re-allocate funds in other areas. Knowing you have a safety net in the finances will save headaches in the long run.
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Hope that help, good luck