Question: I’m thinking of selling my home in the next couple of years, and I want to know how much remodeling I should do in my kitchen and bathroom. I have heard two completely opposing opinions on the matter. Some say it’s not worth redoing, but others say I should do it. Can you provide some clarity on this?

Answer: First, let’s look at the money. Can you comfortably afford to re-do your bathrooms and kitchen? That should be your starting point. This isn’t the time to be pulling out equity from your home if you can avoid it…but if you have the cash saved up, then it might be something to consider.

Remember, that if you invest in your home with upgrades like we’re talking about, you might get your money back when you sell, but you might not. There’s no guarantee that a $25,000 renovation will bring you $25K more at the settlement table. Would you be happy with recouping just a percentage of that?

Second, let’s look at the market in your area. One thing you might do is visit as many open houses as possible in your area, and see whether your ‘competition’ have new bathrooms and kitchens. If they all do, and you don’t, you might be at a competitive disadvantage when it comes time to sell. However, if most of the nearby homes have ‘vintage’ baths and kitchens, it might not be a big issue.

You might also talk to a REALTOR® and get their opinion on this — they’ll know whether those upgrades are essential, or not. Remember, though, it’s still a buyer’s market, so anything a seller can do to make their home ‘shine’ is worthwhile… the competition is fierce!

And last, let’s talk about you. Would you like a new kitchen and bathroom? Would those things make you happy? If so, do it! Enjoy your home. Especially if you’re going to be staying a few years.

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