Price is what you pay; Value is what you get

“Price is what you pay; Value is what you get”

Warren Buffett

Today let me tell you a story about a time when I nearly paid the price of focussing solely on lowest cost rather than investing in value until I had a sudden moment where I realised that investing an extra $25,000 would actually be of priceless value.

I hope from this you can consider when to pay the lowest price and when do focus on the value of investing in more.

A further thought is to be clear on your WHY to invest in value rather than focus solely on the lowest cost option.

Why I hired an Architect

After qualifying as a chartered accountant in 1989, much of the first two decades of my career in Cayman were based on numbers, on value. I also spent lots of time developing property projects and, yes, squeezing the lowest costs so that we could make the most profits from projects.

When eventually deciding to build a home for myself, I continued with this, including deciding to do the designs myself and then use only a draftsman to get plans ready for planning permission and then to…