27Feb

Remodeling: The Difference Between Price and Cost

It’s important to understand the difference between price and cost when it comes to your siding, roofing or other home remodeling project. Price is what you pay initially and what you see when a company gives you an estimate. Cost is the total cost of owning a product and this includes the costs for installing, repairing, maintaining and eventually replacing it. A project might have a low price, but it may also have a high cost. Empire Contractors explains more:

Remodeling: The Difference Between Price and Cost

Understanding Total Life Cycle Costs

When planning your home improvement project, it’s important to understand life cycle costs. The life cycle cost is the sum of the costs over the life of the product or component that you’re going to install. It is a better representation of the actual value of a project than the project’s initial price. Chasing lower prices when planning your project can lead to unintended consequences.

For example, let’s say that you choose the contractor with the lowest possible bid for your siding project. The reason a contractor can offer you such low bids is that they are operating at razor-thin profit margins. To get the most profit, such a company might have to cut corners during the project or take on more projects to compensate. This can lead to low-quality work because of poor materials, rushed workmanship and lack of customer support. This leads to siding that has a high total life cycle cost because of the frequent repairs and the need for earlier replacement. 

Benefits of Good Products and Working With a Reputable Contractor

Choosing quality products and a good, reputable contractor will pay off in the future. For instance, while metal roofs have a higher initial installation cost, they can have a low total life-cycle cost. This is because metal roofs can last for more than 50 years and they require very little maintenance. 

Choosing a high-quality contractor saves you money because they can provide you with excellent warranties and constant support. You can rely on a good contractor for regular inspections that will find and fix minor problems before they lead to costly repairs.

You can count on our high-quality roofing shingles, siding and gutters to provide you with many years of excellent performance. Empire Contractors does not cut corners on any project and we always do exactly what we say we will. We’re proud of our quality workmanship and we provide our customers with results that can stand the test of time. We serve many communities including Cincinnati, OH, and the surrounding areas. Call us at (513) 409-0880 to learn more about price vs. cost. You can also ask for a free inspection.

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