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Analyzing the Numbers for a Remodel

Remodeling a home starts with an issue of space. Usually, a homeowner needs more space or wants to redefine the purpose of the space. There are a few questions that you have to answer in order to guess the cost of your remodel. The cost mostly comes from materials and hired labor, but you also need to think about the cost on your home, work and other miscellaneous problems that may occur and also add a monetary value to the total. You can get a rough figure by analyzing a few of the different costs that go into a remodel.

Ceiling Height

If you are adding a new room or you are changing the layout of a room, you definitely need to know the dimensions of your home. Ceiling height will play a major role in deciding how much wood and other materials you'll need, as well as how to change the size of a room, especially if you are raising the ceiling. In addition to the ceiling height, you'll also need to know the type of roof and style if you plan on raising your ceiling. You will likely need an engineer or specialized contractor to look at your roof and decide how to redistribute the weight to ensure that you do not cave in the ceiling while trying to raise it. Other factors include your house size and wiring. You'll need to know how many square foot you have and also where all of your wiring is located. House blueprints can usually give you these figures. In this case, to raise a ceiling, you are looking at about $20,000 to $30,000 depending on the size and cost of materials.

Exterior Finishes

There are a variety of exterior finishes that you may want for your home. Sometimes in a remodel, people change the outside of their homes to different materials, such as stucco, brick, rock or hard plank. Your decision will greatly affect the cost of your labor and materials. In general, you'll need the square footage of your home and then you can multiply that by the cost of the material per square foot. This is only a rough number. Something like cultured stone would be more expensive, costing approximately $12 to $15 per square foot. You can always talk to an expert at Home Depot or Lowe's or any other home improvement store about the cost of their supplies, as this number will range in different locations.

Flooring

Flooring is a major part of any house remodel and usually the number one reason that people decide to do a home remodel. Whether you want to change the carpet or you would rather have hardwood floors, there are some price factors to consider. If you are installing new carpet, you will most likely need someone to come install carpet for you. The way that carpet is laid out, it needs to be seamed together so that it appears seamless in any room. Hardwood floors are also dependent on what type of wood. For example, for a quick option, you can use "fake" or linoleum wood to lay down. This flooring calculator can help you figure out what it would cost for each area in your home. You should know the square feet of each room that you are remodeling.

Adding Rooms

In many cases, you can actually get money back from renovating your home. It can add value to your home or even change the energy efficiency. You are looking at $100 per square foot to add a room. So, that can easily go upwards of $40,000 depending on the material and labor costs. If you want to see how much different type of rooms would be, including bathroom, living room, bedroom, you can check out CNN Money's renovation wizard. You can use this tool to figure out the cost of any type of remodel as well as see what you could potentially earn back from making the addition.