Home remodeling projects can be expensive. And while many may create their ideas on a budget based on what they have seen on home remodeling televisions shows, realistic remodeling budgets are quite different. Check out our previous blog on realistic home remodeling budgets here. Once you’ve seen what a realistic budget looks like, you may start thinking of ways you can save money. Saving money is always ideal, but going cheaper does not actually save you money.
Quality Triangle
There are four factors in the management of home remodeling projects. Those factors are scope, time, cost and quality. The Quality Triangle above represents the scope of your potential project, which is broken up by three variables: Cost, Time and Quality.
With any project, you must understand how these three variables work together. As you can probably guess, it is impossible to optimize all three variables. Adjusting one variable will always impact the other two. If you want good quality, cost and time will need to be adjusted. If you want your project done quickly, your quality and cost will be impacted. If you want fast and cheap, your quality is impacted. No matter what the scenario, one variable is impacted.
Let’s say you are interested in the inexpensive option by focusing on cost and time... you want it done fast and cheap. This means you are sacrificing quality by having to choose cheaper materials and possibly services with less experience in design, architecture and construction. You may potentially spend more money in the future to fix issues that arise from low-grade materials and inexperienced installation.
Now let’s say you choose cost and quality. This means you’ll sacrifice the time it takes for your remodeling project to be completed. The timeline may take longer than you desire, but it is important in order for your project to be properly achieved.
Many scenarios can play out depending on which two variables you choose as most important. In any event, doing your home remodeling project right the first time is key. Typically, this means your investment may be higher. But in most cases, you’ll get 50% - 90% return on your investment depending on the type of home remodeling project. Check out our recent blog post, “Home Remodeling Projects That Pay Off!”
Are you looking to renew your home? We’d love to assist. Our crew is built on dedicated and experienced owner-operators, employees and specialty subcontractors all working together to bring your remodeling ideas to life. Serving our community since 2004, we are dedicated to renewing your home and your life. Give us a call at (303)-978-0602 or email us at info@renewthehome.com.
