It’s a common saying that you may have heard and applies to many things in life including groceries, houses, hotels, and websites. Quality service and high-end products usually come with a higher price tag but are worth the money and investment it takes in order to get them. It’s something that we all know, but don’t always believe when it comes time to purchase things.

I like to think of myself as a saavy-shopper and great with pinching pennies. Even if I have the money to spend on a higher item, I don’t always buy it if something else is cheaper and within my expectations for quality and value. Generic items are usually the same in quality (or good enough for me!) in the grocery store, however, this methodology often doesn’t apply to other things in life. Here’s an example.

Two houses are located in similar neighborhoods in the same city. They are pretty equal in square footage, and other amenities that come with the house. They appear well maintained on the outside and share very similar features. One is significantly less in price. They appear the same overall and you figure the owner just wants to sell the cheaper one so you buy it based on price. Are you getting the best value here? Probably not.

Many factors go into the price of a house and would determine if the cheaper price tag was worth it. Was the house well-maintained over its lifetime, how old is it, did the builder use quality materials, are repairs necessary for it to be livable, etc. People don’t just bring the price down on a product or service for no reason, they want to make money on this too. There are likely many reasons for the lower price and you need to be a well informed consumer in order to make the best decision on purchases.

Things to think about before purchasing a large item or service:

• What is the price range I should be looking at based on other similar products or services in the area?
• How much is in my budget for this?
• What specifically do I need or want and what are my options? If it’s a website you’re buying, do you want a content management system and a custom design or a pre-paid template with no access to make changes? These are worth different prices so you must know what you want before discarding certain price points.

Extra items and better service generally cost more money, and are worth it if you’re looking for a quality product. With a website, it’s an investment for your company, money that you pay upfront in order to provide a professional face to your customers and give them a quality look into who you are as a business. You need to decide how much this is worth to you and if a quality and custom product is going to help you and your business.

Shop around, make sure you know how much a website or an electrician should be worth before paying for one. Don’t take your brother’s friend’s opinion, talk to professionals and see what they paid or how much their company charges. Be wary of someone offering a price that is significantly less than everyone else, because as you know, you get what you pay for.