When it comes to major purchases like cars or custom homes, buyers can get confused between big price tags and big quality. However, while it is certainly true that high-quality features and materials usually cost a little more, that doesn’t mean “expensive” and “quality” are one and the same. Here’s what you need to know before splurging on anything for your home.
Pricing for Exclusivity
Several luxury brands have raised prices significantly over the years, while simultaneously limiting availability in order to drive up the perception of exclusivity. This is a common trick among fashion brands like Louis Vuitton, and it certainly works to increase demand.
However, while inflating prices may make products seem more desirable, it doesn’t necessarily make them inherently better than cheaper options. Be careful not to be taken in by designer home products. There’s a big difference between a designer purse and overspending on fixtures, fittings or finishes!
Product Is Only the Start
The truth is, when it comes to high-end home construction, the quality of the end result is equal parts product and installation, and it’s important to get the balance right.
Spending a small fortune on high-end fixtures, fittings and finishes and then cutting corners on the installation will never achieve the results you want. You might be better off with a slightly less-costly product installed by a true professional. A skilled tradesperson or installation team can make less expensive items look like they cost a fortune, but a bad contractor can ruin expensive items just as easily. Choose your team wisely!
Letting Newer Products Prove Themselves
Construction materials manufacturing is very similar to any other field of manufacturing and technology: There’s usually a new kid on the block developing first-class products that are competitively priced, looking to break into the market.
A good custom homebuilder will be able to recommend these manufacturers and their products as a means of cutting costs without sacrificing quality. After all, brand recognition isn’t everything; there’s likely another company out there doing something comparable – or even better!
Knowing Where to Spend and Where to Save
Ultimately, in the battle of construction price versus quality, the trick is to know where to spend and where to save. A good custom homebuilder or remodeler will be able to give you insider insight into remodeling tips and design trends that can save you money without compromising quality.
A good rule of thumb is to spend more on investment items you’ll be living with for a while (like kitchens and bathrooms) and to save on trendier items, like décor.
When in doubt, however, it’s always best to ask the professionals. Contractors have immense insight into which high-end items are worth the investment and which ones you can skip.
The Difference Between Value and Price
The best choices for your home are usually those that offer higher value rather than simply those that cost more.
Higher-value items will increase the value of your home, which makes them a sound investment. Higher-priced items will simply decrease your bank balance, and aren’t necessarily the right choice. Choose carefully; whether it’s for a custom home, and addition or a renovation, you will get more house for your buck.