Life Cycle Costing simply means evaluating what a product or service will cost you over its entire life cycle.
When planning a future-proofed home, this kind of consideration is crucial. More expensive materials with a longer life can often work out to be a more cost-effective option than low-cost, short-life alternatives.
Due to immediate cost considerations and mass-production, many of today’s homes are built with no consideration for life cycle costing. However, materials that look great when new may deteriorate in a relatively short space of time.
When clients plan to build, extend or renovate, they should talk to their builder about the materials that will deliver the best value in the long-term, and specify these materials.
While people want the best possible house for their money, there is a growing realisation that it is false economy to invest in inferior products. Products need to be costed on the basis of their durability.
Clients should be reminded that their home is their biggest investment. Life Cycle Costing means building for the future and wanting a home that will look just as good in 10 years as it does today — and one that will maintain its value when selling it in the future.
Careful consideration to Life Cycle Costing and product choice is imperative if the goal is to build a home that is future-proofed against costly maintenance and replacement charges.