Home Improvement Price Vs. Value
The price versus the value is a huge topic in home improvement. There are many variables that go into the price and value of home improvements, so we asked our experts how to determine the price versus value.
Details On “Home Improvement Price Vs. Value”
Sean: It’s time to Ask An Expert, where we tackle everyday home improvement topics to help you better understand your home. Today, as normal, I’m with Gregg Cantor from Murray Lampert Design, Build, Remodel and our resident expert. Gregg, great to have you on the show.
Gregg: Thank you.
Sean: So today we’re talking about price versus value. Huge topic in home improvement. First, let’s define some terms. Price, what do we mean by price?
Gregg: Well, obviously price is what you pay for the goods and services.
Sean: So price is what you give away, it goes out, and value?
Gregg: Value is what you get out of it, and that can be personal value or resale value.
Sean: Valuing the home, a lot of different ways to define value or different components to it. So let’s get into the price versus value equation, because it’s a huge thing that I don’t think people consider enough. Do you see people, and I hear about it all the time from our pros, making decisions in home improvement based solely on price and regretting it?
Gregg: I don’t see that so much, I mean everyone wants to get a good deal, but especially for a major home remodel, there’s a lot of factors that go into it, a lot of variables. There’s the quality of the materials, the service, the warranty, how long it’s going to last, the design, there’s just so many things that I think people do their research and really look into what they’re going to get for their money.
Sean: So you’re seeing more people doing that research, which is great to hear.
Sean: The danger if you make a decision based solely on price is, well let me ask you. Are oftentimes things called the same thing, but maybe be dramatically different in terms of the quality or the value they bring?
Gregg: They are and people are not going to see what those things are until they’re installed.
Sean: What are some examples? What are some products that are.
Gregg: Plumbing fixtures, cabinets, you know, the finishes, that’s a big place where you know, corners can be cut that eventually are noticeable or over time are not going to hold up.
Sean: Another area that I’ve seen it is, we had Brian Milholland from SunPower by Milholland on the show today, is a 12 panel system is not the same as another 12 panel system, necessarily.
Gregg: 100% correct.
Sean: So somebody may make a decision based solely on the price, but regret later because the value they got is dramatically.
Gregg: Right, and the other question is, if somebody quotes a low price, at the end of the day are they really paying that low price? Or are there going to be changes, additional costs that come up, you know, along the way.
Sean: And things that they regret, because this cost of ownership over time. If you have questions or want to see more from our experts from previous segments, or if you have a question, submit it by going to approvedhomepros.com in our Ask An Expert section.