Before you begin your remodeling job for the kitchen or bathroom, a budget should always be set. This will help you to have a successful remodeling job.

Setting Your Kitchen Remodeling Budget

When you initially begin remodeling your kitchen, you should look at the value of your house. A typical budget is set at 15% of the current value of your house. For example, if your home's worth $300,000 your kitchen remodeling costs should be $45,000 and it would be a good idea to set a additional 10-20 percent hiccup factor. This will help to cover all or most unforeseen kitchen renovation costs. 

Statically the average kitchen remodeling job is about $45,000. The general range for most kitchen remodeling prices range from $15,000 for a cheap and inexpensive kitchen to $85,000 for a higher-end, quality kitchen.

 Understanding Kitchen Remodeling Costs

While kitchen remodeling prices vary based on kitchen Style and Design, the National Kitchen and Bath Association (NKBA) notes the biggest kitchen renovation costs are:

The remainder of your budget will be spent on flooring, hardware, lighting and fixtures which is approximately 6% each. The remainder of the budget will go towards labor, permits and design costs. The normal cost of the last few items is around 25 to 50 percent based on the size and scope of your project. It is important to use quality products to maximize your return and enjoyment of your new kitchen.

Sources:

1. http://www.localpluskitchens.com/articles/kitchenremodelingbudgets.jsp
2. National Kitchen and Bath Association, 2002 Design Trends Survey Update
3. http://www.remodeling.hw.net/Kitchen/major-kitchen-remodel1.aspx