Make no mistake: Kitchen renovation isn't cheap. Typically, homeowners spend 10 to 15 percent of their home's market value. "Basing your budget on the worth of your home helps to prevent over- or underspending," Maykut says. Once you've set a budget (and committed to sticking to it), the next step is to allocate resources carefully. In other words, as Maykut puts it, "You don’t want to spend a small fortune on appliances only to realize that you’ve got nothing left to spend on the backsplash." Finally, Maykut suggests that in any kitchen renovation, but especially when remodeling a kitchen in an older house, it's wise to "build a buffer into the budget for any unexpected surprises encountered during the course of the remodel."