Price is usually easily quantified -- even if it is determined at the end of negotiations and bartering. Value is always a subjective matter. Value is how much something is "worth" as opposed to how much it costs. Beyond price, determination of value will depend on many other subjective matters. I will go into some of these factors individually and then will try to put them all together into a basket.
Price is determined by local currency exchange. This could be the local money. It could be how many chickens or fish. It could be some portion of electronic valued currency. For many areas of the world, this price is a fixed amount for smaller priced items. Buying larger quantities of the same manufactured item may cost less per item. In other countries, the price can fluctuate between the replacement cost and several multiples of the replacement cost. Some items are "one of a kind" and there are no comparable items upon which to set a price. These require negotiation. Even in countries where most items are of non-varying prices, large cost items such as houses and cars are still negotiated.
With limited supply, the factors of supply and demand come into play. If there are 100 of an item and 500 people want the item then either the seller fixes the price and the first 100 people who pay get them -- or the seller prices the item high and lowers the price slowly until the people who are willing, and able, to buy them at that price have depleted the inventory. No more items. People that pay more get the added recognition of getting the item earlier. People who don't consider the recognition to be worth more money will try to time it such that they pay the price in demand just upon the edge of depleting the inventory.
Many may argue that quality can be quantified. But that would be true only if the very same aspects of the item were able to be compared with other items grouped with it and if those aspects had equal weight for all people. For example, take the issue of automobiles. A test organization can take the car through safety tests, acceleration and braking tests, crash tests, mileage tests, and whatever other tests may be imagined. But the cars tested, and the cars purchased, will be part of a much larger group. And, within a group, quality will vary. A car that is not well built, but considered to be part of a brand that is given great ratings, is called a "lemon". A car that is wonderfully built, but considered to be part of a brand that is given poor ratings, might be considered to be a "jewel".
In addition, the aspects of an item to be tested cannot be infinite. I am personally finding road noise to be of a greater importance as my hearing ages. Sometimes that aspect is hard to find numbers for. But, even if I could find them for all car models that I wanted to consider, it is not a number that exists in isolation. Tires make a difference. Wheel size makes a difference. Suspension makes a difference, Exterior features (like railings on top for carry-racks) make a difference. Quality is subjective.
Value also depends on features -- and what is wanted, what is required, what is NOT wanted. For one person, having a feature adds to the value but, for another person, it may reduce the value -- it might even outweigh all other aspects of the evaluation. Real estate agents are always urging this upon people selling real estate. Aim for the mode -- the features that most people want, the colors that the fewest people object to, the items that are easily observable. This may make the real estate much LESS appreciated by yourself -- but give the best chance of being considered by the most potential buyers and obtain the highest price.
From that, it can be determined that what you do to the house will depend on your goal. If you plan to live in the house the rest of your life then you do what you, yourself, most appreciate and desire. If you plan to use the house only as a temporary location in which to store possessions, keep the rain out and the heat in -- then you treat the house as something you are preparing for sale.
The local culture will provide a lens within which features will be evaluated. In the US, quantity is very often considered more important than quality when evaluating value. "Bigger is better". "Supersize me". Alas, in the area of food, the supersize does not apply only to the food. To "waste" or "waist", that is the question.
In other areas of the world, quality takes precedence. A small quantity of something prepared especially well or from beloved ingredients will be of greater value than something of indifferent preparation and generic ingredients.
If you live on a small island and half of the populace lives on the shores of the island, then that ocean view will not add much value. If you are in a land-locked arid country, then being beside a river, pond, or lake (even if human-made) will be a feature that raises the value. If you have bad memories associated with the water, then being near it or able to see and hear it, will be a feature of reduction in value.
Finally, there is perception. This is closely related to branding. One of my Aunts and her husband always purchased electronics that had a specific brand name. They wouldn't consider any other brand if they were considering a purchase. (This is every manufacturer's dream.) Even after the brand was sold to another company, they continued their loyalty. In my rural home town, two major US truck brands had (and have) their loyal buyers -- it was (and is) almost like a sports club fan situation. The same situation existed (exists) for farm machinery.
Formal branding is not needed for value based upon perception. Marketing and sales always have a desire to increase perceived need for, and perceived quality of, their product line. A real estate agent will aim clients towards the maximum price range areas to optimize their commission (except under "redline" conditions).
"Perception is king." All of the above factors (and more) come into play when a person is evaluating the value to themselves -- but perception will overwhelm any attempt to quantify, or objectify, any aspect that is being evaluated.
Value remains subjective.
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