$5,000: Do it yourself

If you're willing and able to do most of the work, $5,000 can go a long way, with a couple of important caveats. First, the kitchen must be small enough—say 150 to 200 square feet—to keep material costs in check. A $5,000 remodel also assumes you're happy with the basic layout. Knocking down walls and moving appliances around can quickly raise the budget to five figures.

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Appliances $1,960

You can get a new range (available to subscribers), refrigerator, and dishwasher that don't sacrifice performance or efficiency. Our refrigerator choice, for example, offers excellent cooling and the lowest operating cost ($48 per year) of any top-freezer we tested. Unless manufacturers offer a free stainless-steel upgrade, opt for a basic white or black finish; either can be stylish. "I love the look of white appliances with white cabinets," says Pam Lamaster-Millet, an architect in Chicago. "Depending on the cabinet style, the result can be traditional, classic, or supermodern."

Countertops, floors, and walls $1,645

The average kitchen has 56 square feet of counters. Laminate can get you a new look for $1,000 or less. Vinyl flooring wears well and goes down easy, especially if you choose tiles or planks. Paint walls.

Cabinets $350

If your cabinets are stable but look outdated, paint and new hardware can make them look fresh again. Consider removing some of the cabinet doors and painting their interiors a contrasting color to add some pop. (See Can these cabinets be saved? for details.)

Sink, faucet, and lighting $320

Our tests have found that sink and faucet prices have little to do with performance. Stay on budget with a top-mount, single-bowl sink in stain-resistant enamel-on-steel and a two-handle faucet in a chrome finish, which proved fairly durable, though a heavy-duty scouring pad can scratch it. Undercabinet lighting illuminates counters. Figure on one corded 12-inch strip light for every 4 feet of counter.

Unexpected expenses: $725