Being able to handle the rear break mechanism replacement including the caliper and rotor replacement may actually save you a great deal of expenses. On the other hand, if done improperly, this will result into a greater expense than if a professional auto workshop is employed. Therefore, it is important that you adhere to some specific guidelines before you put on the gloves to replace your caliper, brake pads and/or rotors.
There are some indicative symptoms that may tell a driver that the brake pads should be replaced immediately and the rotors be taken care of as well. It is the specific pulsation and shaking that takes place when you quickly drop down your speed or doing the side runs when changing the lanes. There is an option by which the brake pads may be replaced without the need to resurface your rotors, however all of my experience tells that both should be taken care of simultaneously in one session to avoid the repetitive insisting issues soon after the brakes are replaced.
Still, if you are going for the sole brake pads change, the procedure sequence will be somewhat different. First you will need to have your wheels removed to see the bolts holding the caliper and the caliper brackets. If no rotors are being changed, then you will likely have to cope with the two bolts holding the caliper itself leaving the bracket bolts and the brackets intact. You may use some plastic insulated flexible wire to hold the caliper when both bolts are set loose. The caliper brackets, however, will need to be taken out if you decide to resurface your rotors along with the brake change. In any case you will probably have to leave the wheel bearings intact without attempting to change or repack those which is a part of the recent designs.