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Looking to remodel your kitchen? You are not alone. 69% of all requested jobs for home remodeling projects were for kitchen remodeling. With Americans spending 130 billion on remodeling projects in 2013 (up 3.1% from the year before) and remodeling permits up 5.1% ( make sure you hire a licensed contractor who will pull the necessary permits) the trend is to put your money in your home.

People borrowing money for home equity projects increased 18% last year. Even if you decide to borrow money to get your project completed, you want to borrow what you need to get what you want. Setting a budget for your remodel is one of the best ways to get the project, and the estimates, started.

A good place to start with your budget is deciding what part of the remodel you want to splurge on and use to make your design statement.  Once you make that choice, spend a little more of the budget there and use the remainder of the budget to make your other choices.

Kitchen Cabinets

The biggest chunk of your budget, around 40% on average, and the element that will make the most drastic difference, is the kitchen cabinets. Obviously, the amount of kitchen cabinets from home to home varies. If you have a smaller 10 X 10 kitchen, replacing the cabinets can be anywhere from $4,000-8,000 depending on wood finishes and hardware. A larger kitchen with more cabinets will be higher. For most homeowners, refinishing makes the most sense, especially if the wood has not been damaged. There is an extensive amount of labor involved with refinishing but the result is as good if not better than replacing the cabinets.

Counter top Remodel

A few years ago, granite counter tops ($35-$100 sq.ft. installed) were all the rage. Today, formica ($10-$30 sq.ft. installed) and Corian ($35-$100 sq.ft. installed) are making a comeback as well as other surfaces like concrete ($75-$125 sq.ft. installed), marble ($40-$100 sq.ft. installed), quartz ($40-$90 sq.ft. installed), tile ($10-$80 sq.ft. installed), soapstone ($70-$100 sq.ft. installed), stainless steel ($65-$125 sq.ft. installed) and butcher block ($30-$75 sq.ft. installed). With many colors and looks, make sure you investigate all your options before making a final choice.

Back splash Budget

The back splash wraps all around your kitchen cabinets and your appliances. Choosing a design and style for the back splash will either blend in or make a statement. Budgeting for your back splash depends on the look and style. A few of the more popular choices are stainless steel ($100-$250 sq.ft. installed), marble ($20-$200 sq.ft. installed or marble tiles from $10-$20 per sq ft installed), salvaged building materials is a great way to stretch your back splash budget and add a unique spin on the project ($200 and up depending on what you choose), painted bead board ($15-$30 for 4X8), tile ($10-$80 sq.ft. installed), mirrored ($8-$15 sq. ft. installed), stone tile ($6-$75 sq.ft. installed), or granite ($35-$100 sq.ft. installed). Of course, each of these choices has it’s pros and cons. Decide what works best for you and choose accordingly!

Don’t forget about lighting. Either overhead or under cabinet lighting should be added to the budget. Hanging pendants can add a splash of color and provide another opportunity to inject a uniqueness in the kitchen remodel.

Most all homeowners who undertake a remodel for any room in the house (or a whole house remodel) will go into the project with a budget. A budget will guide your choices and help the contractor you are working with utilize the dollars in the best way possible. A good remodeling contractor can offer you ideas on places where you can save on the kitchen remodeling budget. Make sure you choose one that has a lot of experience with kitchen remodeling and has good references you can talk to.