The "perception of value".

Where does the perception of value come from? And what's the difference between (good) value and cheap?

They are questions often asked and the truth is, you, the reader, have your own perception of value and I'm not going to change it in one blog post (or even 100 blog posts). But I digress...

The first question. Your perception of value is largely driven by your upbringing and where you currently "sit financially". Depending on where you were in the socio-economic scale and your parents views on money, you inherited their principals and actions when it came to money and have adapted those over the years depending on your own success. Yes, there will be variances in the way you have interpreted this situation compared to that of your siblings, but all in all, your perception of what is value and what is cheap if premised in your upbringing and how that perception has developed based on how much money you have/earn and how you spend.

The second question. What's the difference between value and cheap? Is there a difference? Well, yes, there is....but value is a bit of a grey scale based on your current financial situation and the goals you have set yourself for the financial aspect of your career. Example: if you have $20m in the bank, getting a $50k discount on that $300k porsche may seem like great value, but not cheap. At the reverse end of the spectrum, being on the average Aussie salary with 3 kids, having your lunch at the local fast food restaurant for $30 may be "good value" but is not cheap. Cheap would be if you got that same meal for $20. There is no scenario where a new porsche would be cheap.

How does this apply to the design and construction industry?

Lots of people out there looking for the cheapest home they can build. They are looking to make big profits when they sell. More often than not, when they take the cheapest option, it turns to headaches later. Look up videos by Site Inspections on FB or Instagram. They have lots and lots of examples of people who took the cheapest option and regretted it later. One of the couples paid $650k for a 4 bed townhouse only to find that the level of defects in the build now mean that they own a property that is worth land value alone.

Going cheap in the property industry is gambling with your money. And you may end up losing everything because of it.

Value is finding good reputable builders and designers who you can trust and will design and build you a home that has a level of pride of workmanship in it. Not, hurry hurry, get it done as quickly as you can.

The best way to find out if a builder or designer is any good is to meet these people, get to know how they think and ensure that they follow this up with their projects. Do your background checks. If there's a lack of information or bad reviews, then you should avoid.

You should treat engaging a builder or designer like a job interview and ask them simple questions like:

• "what makes a good project?" The answer should make a reference to quality, good relationships with clients, fair price, etc.

• "If you have a problem on site, how do you deal with it?" The answer should centre around communication and "working as a team" to resolve it.

• "If I was to talk to your subs and suppliers, what would they tell me about you?" The response should be positive.

• If you ask a builder to allow you to get in contact with their last 5 clients and they say no, for whatever reason, you probably shouldn't engage them.

The construction industry is all about relationships. People working with and for people they trust and know will help them in a positive way. Value comes from this. It's the builder who will work on a sunday because you need to be in the house the next week. Its the Designer who will chase down products and items that are in short supply on your behalf. Good value comes from a great service and great product. Houses are not cheap (and shouldn't be) so why would you risk everything to save $10s of thousands of dollars. My old mentor used to say "the bitterness of low quality build will dwell long after the sweetness of a cheap price has disappeared". Words to live by.

Signing off,

Revell