If the cabinets are in excellent condition and are of good quality-reface them- cheaper. But if the cabinets aren't so great replacing them is the better option. Some companies will allow you to do both. Either way it's going to cost money. To reface a typical 10x10 kitchen layout it runs between 800-1200. Depending on what look you are going for. New cabinets somewhere around 1800-and up!!! Plus with refacing- you don't loose your kitchen.