Pick Two Out of Three When Building Your Custom Home – Quality, Speed, or Price
In business, as it is with custom home building, it’s often called the unattainable triangle – quality, speed, and price. You simply can’t have all three.
Want it to be the highest quality and fast turnaround? You can’t get it at a low cost.
Want it to be high quality and low cost? Don’t expect to see it for a while.
Want it to be low cost and fast turnaround? Prepare to be disappointed in the quality.
This article will review how quality, speed, and price considerations impact the high-end construction business and why the unattainable triangle is an important guideline for setting and managing expectations.
The Top Of The Triangle Is Always Quality
Quality is one of the most essential factors to consider when building a custom home. It refers to the level of excellence, durability, and functionality that your new home will have. A high-quality custom home provides numerous benefits, including peace of mind and knowing that you’ll live in a safe and comfortable space for many years.
Quality pervades every aspect of high-end home construction. Design, materials, planning, and prep are all part of a meticulous, thorough process that takes time to do right.
Want it high quality and done fast? To achieve high quality and still maintain speed, at a minimum, there must be extra manpower to make up the time needed. Premiums must be paid for fast turnaround on material deliveries and specialist contractors. All of these extras cost more money, and thus lower pricing is not possible. High Quality + Fast Time = Premium Price
There’s Always A Limit On Speed
Building your dream custom home is an exciting experience, but it is typically a lengthy process. That being said, if you have strict deadlines or limited availability for personal or professional reasons, then speed might be your top priority.
If this is the case, make sure you communicate your timeline expectations with your builder from the beginning. They will work with you to create a realistic schedule and determine what can be done within your desired timeframe.
When it comes to speed, there are a few things you need to consider before making any decisions that will negatively impact the quality of the build. Rushing through the process could lead to mistakes and compromises that may affect your overall satisfaction with the project.
Speed and quality are often in direct conflict. Quickly built construction projects inherently suffer from details being missed or completely figured out. Work is done so that it is “good enough” for the given timeframe, which does not equate to high quality.
Lower pricing can be achieved as less manpower is being spent figuring out the details. Less effort is being spent on achieving high quality.
Fast time + Lower Price = Compromised Quality
Price Sets The Bar For Quality And Speed
Money is always an object when it comes to building a custom home, even an ultra-high-end home. Everyone wants value for their money. Price is intrinsically related to quality and is a significant factor. Establishing the budget plays a major role in all decision-making related to building a quality home.
However, it’s important to understand that if low cost is the driving priority, you can expect some serious consequences with regard to quality and speed.
Opting for subpar materials and cheap labor might save you money upfront but will only end up costing more in the long run due to repairs and maintenance.
On the other hand, investing in high-quality materials and skilled workers might come with a higher initial cost but will ensure the longevity and durability of your home.
Lower pricing rarely translates to high quality. Speed can be achieved with lower pricing, but quality will suffer. There is an old saying – “you get what you pay for, and you do not get what you do not pay for”. Lower pricing and quality workmanship can be achieved, but it will take forever to get the job done.
Lower Pricing + High Quality = Slow Build
Why You Can’t Have All Three
When building a custom home, everyone wants to have the best quality, fastest construction time, and lowest price possible. Unfortunately, it’s impossible to achieve all three at once.
The reason is simple: each of these factors affects the other two. For example, if you want top-quality materials and workmanship for your home, this will take more time and cost more money.
On the other hand, if you’re looking for speedy construction with low costs, there will inevitably be some sacrifices in terms of quality.
Similarly, choosing speed over quality can lead to corners being cut in order to meet deadlines or budget constraints. And focusing too much on getting everything done quickly can mean that quality suffers as a result.
Ultimately, it comes down to making trade-offs based on what matters most to you when building your custom home. By understanding that you can’t have it all and prioritizing accordingly, you’ll end up with a home that meets your needs while also staying within your budget and timeline constraints.
Always Start With Quality
For a luxury custom home, high quality is a must! Here at Conrado, we believe this is a no-compromise option – the home must be of the highest quality level. After that, we strike a balance between speed and price.
When deciding which of the other two factors – speed and price – are most important to you when building a custom home, there are several things you should consider.
First, think about your personal priorities. Are you willing to pay more for top-quality materials and workmanship? Or is it more important that your home is built in a certain timeframe? Of course, you want value for your money, but we discourage clients from prioritizing low-cost options because, in our experience, it’s a formula for disappointment.
Second, take into account external factors such as location and market conditions. If you’re in a competitive housing market where homes sell quickly regardless of their quality or price point, prioritizing speed may be more beneficial. However, if you’re in an area where demand isn’t as high, focusing on quality could give your home an edge over other properties.
Consult with professionals involved in the building process, including architects and contractors. They can provide invaluable insight into what trade-offs are necessary when selecting two out of the three factors.
Ultimately, choosing which two factors matter most to you will depend on various individual circumstances, but taking these steps can help make an informed decision.
Conrado Home Builders Can Help You Get the Custom Home You’ve Been Dreaming Of
It is both in our clients’ and our best interest to complete projects efficiently and effectively (that’s the time and cost sides of the triangle). They get to move into their home faster, and we generate income faster to pay our overhead costs. Higher speed needs to be offset by the need for the highest quality. A delicate balance for sure.
We like to think of lower pricing as higher value as long as the quality standards are maintained. We achieve this by getting two or three subcontractor bids from trusted partners for the major trades, ensuring that the pricing is fair, vetted, and competitively obtained. We never just choose our favorite subcontractor. They always have to be competitively priced to get the job.
Quality + Speed + Price
A Delicate Balance That Must Be Maintained For A Successful Project
So, while the triangle of quality, speed, and price may be unattainable. A beautiful high-end, high-quality custom home built to your exacting standards and within your budget and time frame is attainable with Conrado Home Builders. Contact us today to get started today!