A few years ago I wrote a piece for this website called ‘how much should you spend updating your kitchen?’ aka ‘what should new kitchens cost’?
I advocated that 8% was the rough estimate of the percentage of a home’s value that ‘design experts’ often quote that buyers should spend on replacing an out-of-date kitchen without overspending on a renovation project. And, correspondingly, whether it was the average amount our clients were actually spending. At the time, our average sale was approximately that, £15,000 on an average house price of £193,000
So, it’s time for me to revisit the piece to see if the rule of thumb used then is the same now and whether buyers’ investments in their kitchens is keeping pace with the value of their homes in the intervening years
What is the current average house price in Huntingdon and Cambridgeshire?
First of all, we need to ask what the average house price is in our trading area. As of July 2020, Rightmove were quoting the average Huntingdon (and Cambridgeshire) house prices of circa £317,000. The majority of sales in Huntingdon during the last year were detached properties, selling for an average price of £405,559. Semi-detached properties sold for an average of £286,688, with terraced properties fetching £225,140. Overall, sold prices in Huntingdon over the last year were 2% up on the previous year and 12% up on the 2017 peak of £284,333
Does the 8% figure still measure up?
Eight percent of this average figure therefore equates to a potential new kitchen’s cost of £25,360; not too far from our average sale figure
But this figure has to be put into context. A remodelling in an average sized kitchen without major works such as an extension or small building works, minimal plumbing, electrics or plastering would likely come in significantly lower than this, depending upon your choice of doors and worktops
But, increasingly and especially in light of having been forced to spend so much time at home during the COVID-19 pandemic, our clients are looking to open out their kitchens and create a multi-functional space in which they can prepare meals, work from home, keep an eye on the kids and, when they can again, socialise with friends and families.
You’d expect such jobs to be complex and correspondingly expensive but it’s a job that you should do once but do well and see it as making the key room in your home somewhere you want to spend time. We work with quality builders as part of our fully end-to-end project management to bring your new living space to life, make the project run smoother, quicker and at a lower cost
So, we tend to ignore the 8% figure that people often quote that new kitchens cost. We’d much rather work with clients to understand what they’re trying to achieve within whatever budget they have – whether it be 4%, 6%, 10% or 20% – and do our best to help them meet the aspirations they have
So, if we’ve inspired you, why not talk to us for an honest view on what the true cost of your new kitchen may be? Also, ask yourself what do you need and want for it to function for you and your family? Then see the other questions you should be asking yourself and start looking for inspiration. Advice and design ideas are found all over the Web, including Nicholas Hythe, Pinterest, Houzz and many others. And, when you’re ready, feel free to book an appointment – in person or via video conference – with us.