The budget for home improvement projects can vary widely depending on the project's scope, the materials used, and the home's location. For example, according to the National Association of Realtors and Remodeling Magazine's Cost vs. Value Report for 2022, midrange kitchen remodeling projects cost around $77,000, while a midrange bathroom renovations costs around $29,000. It's important to set a budget before you seek quotes and be realistic about what you can afford. A good rule of thumb is to budget 10-20% more than the estimated cost to account for any unforeseen expenses or changes to the scope.