I tend to write 95% of my novels by hand. My first edits occur when I type up all of my handwritten work. This group of edits is pretty basic, since I find typing to be so tedious.
The second batch of edits occurs one chapter at a time. I will print a single chapter and edit it as thoroughly as possible. At this time, I usually find places that need more description, more back story, better character development etc. and I will write out more (by hand) to add to the story. Later, I will type up my edits and my new additions into my word document.
As a third (and hopefully final) edit, I will look at the novel as a whole, to ensure fluidity and lack of plot holes. At this point, I'll have a clear vision of whether or not the story is complete or needs work, it is in this stage that I also like to share my story with chosen readers who give me helpful feedback - although they tend to steal the work from me to read at the first or second stage of edits and then I get the wonderful chance of being humiliated at my underdeveloped stories/characters/writing/self.
Usually at the third stage of edits, I feel like the novel is a strong as it will get and as long as it will get (damn you low word counts!), but sometimes I have to go back to stage two edits again to fill holes and make the story complete. Overall, edits tend to take up the most of my time as a writer because they are grueling but oh so necessary.