We bought an un-renovated Hawthorne Ct apartment in 2011 that was in pretty good, fairly original shape, and we only made a few, mostly cosmetic improvements (paint, new kitchen appliances, backsplash, kitchen floor, new light fixtures, new window coverings, new showerheads and bathroom cabinets).
Since then, our kitchen and big bathroom have aged even more, of course, and now we are thinking of doing a real renovation on those two rooms. However, we are not sure we will be staying here long-term, and we are wondering if we should spend the money renovating. If we do move, it likely won't be for a few more years at least.
The question is: do you really get the money back when you sell? How many potential buyers want an apartment that needs very little updating vs how many would rather buy an apartment that has not been recently renovated, so they can renovate to their own taste? I know I have spoken to people who had the latter preference and said they did not want to buy someone else's renovation and did not want to rip out a recent renovation because they didn't like it.
Basically, we are wondering if it would be worth it, on the resale, or if we'd be better off just living with the present condition of the rooms till we have a better idea if we will move in the next few years or stay. We'd love a new kitchen and bath--but it's a lot of money. In our former building, though, we recall that some people were unable to sell until they renovated their very old kitchens. But that was in a worse market....
Anyone have thoughts on this?