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Price vs. Value

The price or the amount you ultimately pay for a professional to inspect your home or property should factor in the value of the report you will receive. To be sure, the pre-purchase home inspection should justify the amount your spending on it. Don't just take the quote for an inspection for face value. Politely ask the inspector about the price and what you will receive in return. Because unless you have used the inspector's services before, you may not know what your money is paying for.

Though the price is usually one factor in determining the purchase of a product or service, justifying the cost includes many factors. Research a list of essential aspects to consider when selecting your inspector. Your list should include their availability, reviews, report detail, the turnaround for receiving the report, qualifications, certifications, ancillary services (radon, mold, air quality, asbestos, etc.), price, and other factors important to you and your purchase.

Value is the use that you will get out of a product or report. Value can be measured monetarily, meaning how much you are willing to pay for a specific product or service. Value can be subjective, in that one person may perceive the value of an item to be higher than another, based on their needs and specific situation. Generally, the price reflects the value, and vice versa.

Consumers are usually willing to pay a reasonable price for what they receive if they need what they are paying for. For example, you would not likely purchase a stereo with a cassette tape player if you didn't own or intend to own any cassettes, even if the stereo price was a screaming deal. On the other hand, you may be willing to pay extra for a stereo with a digital equalizer. The perceived value to the consumer is a reflection of the price.

In summary, suppose the price is the only determining factor driving your inspection purchase; then, by all means, shop around for the lowest price. But, if the report's information and usability are your metrics for selecting an inspection service, then the price is likely a reflection of the quality of the product you will receive.

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