In A Credit Crunch, Does Quality Still Win Out Over Price? | 4Homes

Date Published:: 18/07/2008

In a credit crunch, does quality still win out over price?

By 4Homes Editor Lucy Searle

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Tesco, the supermarket we’ve all been moaning about for years for its sell ‘em cheap, pile ‘em high philosophy (while secretly shopping there), is being forced, would you believe, to cut its prices to keep up with the likes of Aldi, Ledl and Netto. Meanwhile, the organic boom has had its day, according to some analysts, with price (and read into that ‘low price’) being the major selling point of just about anything over quality. The reason, of course, is the credit crunch, which is forcing all of us to look at how and where we spend our money.

The biggest single cost for most of us is our homes – and I’m not talking mortgage payments for once. Or even frighteningly high energy bills. I’m talking about maintenance. Look at the last time there was a big dive in the housing market - what became fashionable then as a result of penny-pinching and belt-tightening? The answer is mass-DIY, driven in part by tv shows so unmentionable, I daren’t even breathe their names.

So I want to sound a warning bell. While I believe that attaining both knowledge of the basics of maintenance and at least a few DIY skills is an absolute must for any householder, whether they’re feeling the pinch or not – think changing a washer on a dripping tap, identifying plumbing problems, putting up blinds, making curtains. Having a good knowledge of how things work and what they do – and what it might cost to do the job yourself also helps you understand a builder’s approach, and tips you off if they’re overcharging you. However, I also feel obliged to remind everyone of the following:

1) If you’re going to DIY, do it responsibly – some jobs are best left to a professional, and indeed some, such as just about anything electrical, should only be tackled and signed off legally by a professional – the law has changed a lot (and for the better) since the 1990s.

2) Looking to sell now or at any time in the future? Buyers are a lot more savvy than they were 20 years ago, and they’re looking for a good finish. Anything that’s been bodged will devalue your property. So, if you’re going to take on improvements to add value to your home, which is something we should all be considering in these tough times, only do what you’re good at. Painting and decorating? No problem. Wallpapering? With a bit of practice, a breeze. Rewiring the entire house? Leave it to a professional.

3) Talking of boosting your home’s value with improvements – I wouldn’t advise anyone in the current market to do anything to their home that either didn’t maintain the house’s appearance or add value to it directly. Not sure if that third bathroom’s a good idea? Don’t spend out on it until you’ve checked out our advice and asked a couple of local estate agents just what it will add to your home’s value.

My conclusion? While you may have sensibly swapped M&S for Lidl when it comes to the weekly shop, don’t stint on your most valuable asset – your home, even during the credit crunch. When your budget is tight, you need to spend your money all the more wisely – but it’s vitally important that, if you can afford to, you maintain your home to as good a standard as possible. When it comes to home maintenance, a cheap job usually looks cheap, and in my experience, needs redoing properly before long.