Why the ‘Cheapest Deal’ is Usually the Worst Deal Artwork

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HOME BUILDING LIKE A BOSS

Why the ‘Cheapest Deal’ is Usually the Worst Deal

November 14, 2023 • Jaimi Tarbotton • Episode 30

0:00 | 7:21

Is the deal too good to be true? I hate to break it to you, but it probably is.

In this episode your host Jaimi breaks down why the cheapest deal isn't the best deal and gives you the low down on what makes up the best deal - time frames, price and quality.

The cheapest deal, will not give you the fastest time frame.
The fastest time frame, won't be the cheapest price.
The best quality won't be the quickest time frame or cheapest price.

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The information shared on HOME BUILDING LIKE A BOSS is general in nature and does not take into consideration your individual circumstances, it is not intended to be specific advice. This podcast exists purely for education purposes and should not be relied upon to make financial or building decisions.

Welcome to Home Building Like a Boss, the podcast dedicated to helping first home buyers in Perth build their dream home with ease and excitement. I'm Jaimi, your host and go to building broker. Are you ready to feel empowered, in control and excited about your building journey? I'll help guide you with expert advice, insider tips and tricks and real life stories to help you navigate the confusing world of home building.

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Have you been looking around and build a shopping, looking at quotes, and you're wondering, how do I get the best deal? I'm going to talk to you today about what that means to get the best deal, because the best deal isn't necessarily the cheapest price. And I know the first thing everyone, and including myself, when I was building too, the first thing we always look at is the price.

But the price is not necessarily the best deal. I'm going to break it down for you. So as a client, you're like, okay, cool. I'm looking at building. I'm looking at quotes. I would like to get the fastest build, cheapest price and the best quality. You cannot get all these three things for the cheapest price.

Now, why is that? It basically, it doesn't exist because there's other factors that come into this when you're considering the best deal. So when you're looking for a deal, the best deal for your house, You've got to look at your, the price, the time frames, build a communication, transparency, and the quality right now, I like to call this a little bit of a balancing act.

You have your main three, your price, your time frames and quality. And I like to call it as like a little balancing act in a scale. If you tip the scales too far in one direction, you're going to lose out on something. For example, if you get the cheapest quote, you are going to lose out on your time frames and or your quality.

The cheapest price will not give you the best time frames and the best quality. If you get a quote that is, you know, the price, it's not the cheapest, so you're looking for your quality and your time frames, the scale is tipped on the other end, like it's not the cheapest quote, but you're looking for your time frames and your quality.

So it's really finding that balancing act, and like, if you Want the quickest build? The quickest build is not going to be the cheapest build. So you're tipping the scales the other way again. So it's really about that balancing act of your three scales. Quality, time frames and price. And you want to make sure that your builder and the builder is, you know, the price.

It's not the most expensive and it's not the cheapest. They're delivering on their time frames and the quality of their homes that are handing over a good quality. That's how you can make sure that overall you get the best deal for your home. The best deal is by far nowhere near the cheapest quote. If you end up with the cheapest quote, it is most likely too good to be true.

And you will end up in some sort of building disaster problems, red flags, and things like that. So it is so important to make sure you look for the best deal, but keeping in mind the best deal is not the cheapest quote. And here's a little bit more of an explanation for you. So if you're looking, let's say, all right, cheapest quote, cheapest price from the builder, right?

And it's way less than everyone else. That builder is probably paying trades not enough, therefore the trades aren't coming to site to work for that builder because they work for other builders who are paying them better, therefore those jobs are moving on site and the ones that are sitting there, builders are not paying trades enough because they didn't charge enough on the quote, therefore the construction times and the time frames blow out.

Does that kind of make sense? So if it's the cheapest quote, the builders saving pennies because they've offered the cheapest quote to get the deal saving pennies, so they're paying trades a little bit less than market rates. So then trades don't want to work on those jobs or those sites because they're not getting paid enough and they can get more money elsewhere.

So trades will work for the builders who are paying the market rates. And paying them while looking after them, the cheapest quote does not do that. So then therefore your cheapest quote is blowing out your time frames because the builder can't get trades there and or affecting your quality as well. So it's really about looking at the overall different components that make up the build, which is not just price.

There is so many other aspects of building. That is not focused on price. You know, how does the builder treat the clients? How do they communicate? Are they transparent? You know, what's their processes like in the back end. And as a building broker, I help my clients through these process. As a general consumer, you're not actually necessarily going to know quite a lot of these things, which is one of the benefits of why having a building broker on your side can really pay off because I'm here to provide those insider knowledge and tips of how the industry is working, what's it looking, different builders, that kind of stuff, how the back end works to help you with your build.

So overall, it really comes down to looking at the best deal. Which is looking at everything all together, not just the best price. The cheapest price is by far always the worst deal. It might seem great when you sign up and you feel like you've saved 20 grand and you're winning and we've saved some money.

But down the line when you get a price increase or the builder can't get trades to site or the quality is not great or it's taking so long, no one's communicating with you because they don't have staff on the back end to pick up the emails. It's not going to be. It's going to start to turn into a bit of a nightmare.

So really focus on looking at that overarching than the scales. Do not tip the scales in one direction more than the other. Thank you so much for tuning in to the home building like a boss. I hope you enjoyed today's episode and learned something new. Remember, you've got this and I've got your back.

Until next time, stay inspired, stay informed, and stay confident on your building journey. I can't wait to chat with you on the next episode. Don't forget to check out the show notes for more information and free resources. If you haven't already, hit that subscribe button so you never miss an episode of the Home Building Like a Boss podcast.