What is the difference between Cost and Value?

Cost is a purely quantitative measure that can often overlook other benefits and gains if considered in isolation. By comparison, value may consider other indirect benefits, both financial and other.

When planning a project for your home it can be helpful to consider the intrinsic value of the works to the occupants, this might include qualitative benefits such as enjoyment and wellbeing, in addition to the financial considerations of market value. The value of improved quality of life may be very significant in itself, but may also contribute indirectly to financial benefit.

Even purely financial considerations may be more nuanced when considered against time. Improved design and construction quality may require a bit more capital expenditure but can reduce running and maintenance costs throughout occupancy and may hold more residual value in future.

It is important to consider and articulate your objective. A project to alter and personalise an existing property may deliver huge personal benefits in terms of quality of life, but may not yield significant financial benefit in the short term. A project that focuses purely on an extension on the other hand might provide more financial benefits in the short term, but may not provide the optimal solution for your long-term family home.

Good design and project management are key to understanding your specific requirements, considering opportunities and constraints in detail, and developing a project that can deliver the best possible value.