WWYD? Updates to sell
We bought a 3 bedroom single family home in 2009 for our son to live in while in college. Paid $132K. It was a nice house, very clean, but the kitchen had (original) built in white cabinets that were not very functional (almost no drawers). It had a white smoothtop cooktop that was very stained and we always figured we would have to replace it before we sold. It had no venting and a large open space above the cooktop so we installed a hood that ducts outside and cost about $300 before they moved in.
Fast forward 4 years - he stayed for graduate school and has another year to go. The house was a good investment - the rent he got from others paid for the expenses and a good chunk of his tuition. But now the wall oven doesn't work. We're trying to decide if we should replace the wall oven now, and then the cooktop before we sell. I think it will cost us $1500 for both, And we will still have very dated cabinets that are not functional. Plus a trash compactor that does not open or work.
The other option is to redo the kitchen using Ikea cabinets that are now on sale. I'm estimating that all new cabinets will be $3K. And we could buy a decent smoothtop range (oven/cooktop) for about $600-$700. I think an updated kitchen will make the house sell quickly and for more $$ than it would if we just replace the cooktop and wall oven.
I should also mention that my husband is now retired (actually laid off at age 61, so same thing), and he is an engineer who is more than capable of doing the work himself. We have the money to do the updates.
I have mixed feelings. I don't think we could get what we paid for the house today, but maybe we could if we re-did the kitchen, and hopefully prices will be higher a year from now when we have to sell. And I think the updates would really help the house sell faster which would be a blessing once my son finishes school since we live 6 hours away and I don't want him to be tied down babysitting the house until it sells. I would not want to rent it if he was not going to be there to watch over it.
What would you do?