PRICE VERSUS VALUE – “HOW MUCH IS THIS GOING TO COST?”
“How much is this going to be?”, “What’s this going to run me”, “What’s the damage?”, or “Do I have to sell an organ to afford this?” We all know the cliché’s or sayings. There’s numerous ways to ask the question, “HOW MUCH IS THIS GOING TO COST?”: Or, simply put, “can I really afford this project?” “Is this what I want to pay or expected to pay for this Home Improvement?” It’s a fair question asked over and over again by homeowners considering a remodeling improvement each year. Let’s face it it’s all about the money. Or, is it really?
What do you mean when you ask “How much does this cost?” There’s numerous ways to view that question. One can mean “Can I truly afford this?” Or, “Do I have enough money to pay for this?” Or, “Is what I’m buying worth it? “ That’s just to name a few. There’s plenty more that are out there. This page could be filled with people’s definition of what “cost” or “price” means.
In the home improvement business, it can feel like it’s the only question that matters because Home Improvements can be very expensive. The difficult thing with Home Improvement is that there really is no measuring stick for the consumer with regards to price. There is TOO MUCH information really. From online information, to TV ads, to the Big Box Stores, homeowners get pushed, pulled, and prodded every which way and made to believe that all home improvement is simple, quick, and cheap.
Consumers are bombarded with ads hundreds of times a day stating how inexpensive this product or that product is, when really they aren’t. In the Home Improvement industry one can find windows or doors that look the same be but vastly different in price. This also happens with most other products from paint, to carpet, to curtains, to bags of concrete. It’s just confusing. There’s “cheap” versions and more expensive ones and the same products with prices in between. How do you know which one is better and how do you know that it’s worth the price. How do know what it really costs?
Is that carpet really “12.50 per square foot?” Or is it more or less? What if it only lasts a few years? Was it worth the price? And, what did it really “cost you” because you have to replace again within only a few years? How about that window? Is it really $189.00? What if it only lasts five years and you have to replace it again? What did it really cost you? You get the point. This is the same song different dance that hundreds of thousands of people go through each year. They look at “How Much Is This Going To Cost ?” and forget to weigh in the other important factors. In short, there’s price and there’s VALUE. Price is what we pay and VALUE is the return or lack thereof. And, they are never the same. When doing home improvement, it is always wise to ensure that value will always outweigh the price.
So you say, what do you mean “VALUE”? What’s that have to do with it? Well, let’s consider carpet for just an example. Let’s say you decide to replace and buy new carpet. The best quality you can get will cost $40.00 per yard installed (this is just a hypothetical cost so just go with it). But with that higher-end price you also receive professional installation, a warranty on the installation, a warranty on the color from fading due to traffic and spills etc. Overall, it’s a more durable fabric that will take years and years of use and its guaranteed as such. So, you buy it and pay that top dollar and the “Cost” or “Price” is very high. But what’s the value?
What’s the value in the fact that you don’t have to replace this carpet for 20 years? What’s the value in the fact that this carpet will require less steam cleans or shampoos over its life to keep its luster? What’s the value in the professional installation and that this carpet won’t pull up or become loose? What’s the value in the cosmetic lift it gave a specific room or how it made you feel? The questions can go on. And, you can apply these same questions to any Home Improvement product you buy. Windows, Doors, Decks, Siding, Roofs, Landscaping, Awnings Systems, Painting, etc, the list can go on. All of them have a cost and a value.
Sometimes it looks and sounds so easy, so quick, and so inexpensive depending on the project. Why? Cause Home Improvement Media says so. ..at least that’s what we’re meant to believe. But, as we all know, most projects with Home Improvement or Renovation are fairly detailed. That’s why there are professional organizations that do this kind of work. They not only have the “know-how” but they also have the systems and processes in place to handle projects large and small quickly, efficiently, and professionally and they have the financial ability to finance it until it’s done.
Everyone’s naturally concerned that the company or person they hire for their Home Improvement Project will follow through on their word with regards to service , installation, craftsmanship, and promptness. They are also naturally concerned that a company will honor its products warranty or whatever guarantee they give.
The good news is that there are NUMEROUS resources to check companies. One can check online with the Better Business Bureau, or talk to friends who have had work done by the same company, or ask for referrals, etc. Most companies, the most organized ones, will have all of this for you when they show up at your door to give you that “price”. Actually, most companies that are highly professional and organized won’t even give you a price they’ll give you more, a VALUE. They’ll have all the accolades, images, tools, knowledge, and ability to answer every and any question you have at the time of visit.
So, again you ask yourself or your Contractor, “How Much Is This Thing Going To Cost?” Well, if you truly take the time to study and choose the right product and the right company, that answer is nothing. It will more than likely make you money.
-Anonymous Remodeling Professional