Remodeling Price Vs. Cost – What’s The Difference?
Remember the old adage: “You get what you pay for“? Never was this more true when remodeling your home. How many times have you heard horror stories from a friend who hired the cheap contractor, only to run unto nightmarish problems? Like…bad workmanship, unreasonable delays, and bad behavior on the job. The professional contractors get calls to come behind that guy, correct his bad work and finish the job. It always ends up costing the homeowner way more money than if they had paid a little more to hire a professional in the first place – not to mention all the stress and headaches endured along the way!
People often use “price” and “cost” interchangeably, but there really is an important distinction between the two. Remember another the old adage: “Beware the cost of the lowest price”? Well, it still rings true. Just because a product is less expensive than its competitors’, doesn’t mean you save money in the long run. You almost always end up spending more in part because of time and efficiency lost to a mediocre product. Or, you could potentially spend twice as much as you’d originally hoped because you have to buy a replacement for that first purchase. Ouch.Same thing for remodeling. Who really wants to do their project twice and have a stress migraine along the way ?
So, what’s the difference between ‘cost’ and ‘price’?
- Price = The sticker price of what you’re buying.
- Cost = Price plus what you stand to lose in time, efficiency, stress, and overall toll on your soul.
It comes down to for most major purchase decisions: return on investment. Who doesn’t want the biggest bang for their buck? In remodeling, a good contractor will provide a good value for the money spent, whatever your budget may be. These are excellent questions to ask a contractor’s references. “Do you feel you got a good value for what you spent?”, and “Would you hire this company again”? The biggest compliment I can get from one of my homeowners is to hear “Hiring him cost me a little more, but it was well worth it!” That client feels she got a good return on her investment.
If you can’t afford to hire a good contractor, don’t do the project yet. Wait. Save up until you have the budget to hire a certified professional, and do it right.