When it comes to the cost of a new kitchen, the 5-15 rule is a good guideline to follow. This means that the total cost of the remodel should be at least 5 percent of the current value of your property, but should not exceed 15 percent. For example, if your home is currently worth $500,000, your kitchen renovation budget should fall somewhere between $25,000 and $75,000. However, it’s important to note that unexpected costs can often arise during a remodel, so it’s best to reserve at least 20 percent of your budget to cover any unexpected expenses. To help stay within your budget, consider making a list of prioritized updates and sticking to it. Also, do some research on the average costs of items such as cabinets, countertops, and appliances to ensure that you are getting a fair price from your contractors or vendors. Remember, a new kitchen is a great investment in your home and can add significant value to your property if done correctly.