Some questions to ask yourself about renovation, gleaned from families with young children who have gone through the process:

* Do you really need it? The tendency is to think there is never enough space.

* Can it wait? Renovating your living space will be much easier when your children are in school and their investment in your home is less. Physically they will be gone for most of the time the workers will be around. (A construction day is often from 7 a.m. to 4 p.m.) And when they are home they are less likely to be underfoot.

* Are you doing this for yourself or your children? Parents who have convinced themselves that their children need a playroom are apt to find the Fisher Price collection hauled into the living room anyway.

* Have you planned for a growing family's needs? A playroom off the kitchen might be wonderful for preschoolers, but will it accommodate the shell collection of an 8-year-old or a teen-ager's need for privacy.

* Do you want to renovate your house or your life? Some families feel they need more space, but really need more family harmony in the space they have. The problems remain, long after the carpenters have left.