We've been going strong with renovating our house since we moved in (with a 3 yr old!) in October 2007.
We managed to rewire the whole house and put in new lights / light switches, put in a new boiler and radiators, decorate the upstairs hallway and bedrooms (stripping wallpaper, plastering, painting), do a bit of glazing and put in a new bathroom upstairs (included knocking a bathroom and toilet into one big room) - all this while still living in the house. I won't lie - it was incredibly stressful, for me more than anyone, I think. We didn't do any of it ourselves and yet it was still exhausting. Some things went very smoothly, but some things didn't go fantastically well - poor workmanship, things costing more than we'd budgeted etc.
There were periods when we were all sleeping on a mattress in the front room (when the upstairs was being decorated)... periods when I had to spend every day out of the house for fear my 3 yr old would be injured on dangling wires...periods when we had no bath or shower...periods when the mess and chaos reduced me to tears of frustration.
We finally decided to move out for 3 months in May while we completed the bulk of the rest of the job (kitchen extension, decorating of downstairs, new downstairs loo). We move back in in August when hopefully those things will be completed - we'll still have to do the floors , get new carpets and spend a loit of time and effort and a bit of money toidying and putting together the room sso that they're habitable (for when our secxond child is born in November!).
Honestyly? yes, it will all have been worth it. Our house will be a much more solid, pleasant place. Would I ever do this again? NO WAY. Some people just aren't cut out for this malarkey and I'm one of them!
My advice would be:
Ask everyone you know - friends, colleagues, neighbours - for reccomendations of good tradespeople they have used. Ask to see their work.
Get three quotes for every bit of work you need doing. If people are rude, take ages getting back to you etc at this stage, write them off. It's not a good sign. In our experience, the pleasant, helpful tradespeople always turn out to be the best at their jobs too.
Get everything in writing - draw up contracts. Agree on payment schedules. Don't pay people too much upfront.
Be realistic - if you are going to live there while you're doing it it may take you a bit longer to get things done. Prioritise the stuff that needs doing most urgently.
Set a budget but give yourself leeway because things almost always go a little bit over.
Our renovation, realistically, is going to take a full year by the time it's done. It has a huge impact on youyr life - it really does! - so be prepared for that!
Happy to chat to you in more detail about particular aspects of renovation if you want?
GOOD LUCK!