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Major changes to your home and schedule cannot be discussed in bits and pieces. Set aside some time in everyone's schedule to talk about renovation plans. Understanding the "why" behind any action is a good way to build support for a plan. Let your family know that the decision to renovate is based on your desire to stay in the home for a long period of time, or because you need a finished basement for extra family space or due to some other issue or problem that needs resolving. Invite questions and talk openly. You do not have to give your kids a spreadsheet with line item details, but let them know that a lot of money will be spent and they might need to earn their own money or cut back on some of the things they want. Give your family members time to adjust. You do not want to announce a major kitchen renovation the day before the family fridge is torn out. Put together a timeline so everyone knows what to expect. Caution that the renovations might take longer than expected. Instead of telling your family members how everything will look, solicit their input. If they get to have a say in the color that goes on the walls or the tile that gets put on the new floors, they will be more receptive and helpful.
Call a family meeting. Discuss the reason for your renovation. Talk about how the renovations will impact the family budget. Discuss the timing of events. Ask for ideas.