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Should I remoldel my kitchen if I plan on selling within the next 2-3 years?

Our kitchen is fine (the home was built in 2003), but we would like to upgrade the  layout and add solid surface counters and replace the flooring, hardwood only in kitchen and foyer to all hardwood on the first floor. (3100 sqft home).

My dilemma is that we would like to sell the house in the next 2-3 years and like many of the people in my area (Oswego, IL) were are underwater even after I refinance next month.  I know that I will not get what I paid for in 2007, but I would at least like to cover the un-paid mortgage portion.

Is this type of upgrade worth the cost, I anticipate about a total cost to be about $15k-$17k?
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October 22 2012 - US
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Answers (9)

Kitchen, baths, paint, and landscaping should be the most important renovations to get the best return of your investment, however, you need to check the comparables and see if its worth doing and spending any money at all if there is no potential buyers that would pay a premium for those renovations. In general properties that are upgraded in these areas usually gets a much better offer than without. Don't over spend it if you planing to sell it sooner. There are many ways to renovate without paying top dollar for it.

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October 22 2012
Oftentimes we do things for our own pleasure, not necessarily because we will get the $$$ back.  I would probably like to visit some of the comps that are on the market now and see what they have to offer before doing anything.  Just saying...!
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October 22 2012
I'd say "go for it". Here in my local area prices have increased by 4% this year and the market is re-bounding.  Historically, my local MLS shows that kitchen and bathroom remodels are the most likely to see a full or nearly full return on the cost.  Even if you don't recover all your costs, an attractive, updated home generally will sell faster too.
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October 22 2012
Thanks for posting your question on Zillow.com!

Hard to answer that since we do not know the neighborhood and have not toured your place.

If you are comfortable with losing $, go ahead.  Now, a lot of things change over a 3 year period.  The market can turn around, you may decide not to leave, who knows!  So, enjoy your renovated home while you can!   
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October 22 2012
I would go ahead and do it. You may not get all of your money back, but it should make your home a lot more desirable when you come to sell, so you sell faster and closer to list price. Also, as others say, you do get to enjoy it.
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October 22 2012
If you plan on selling in such a short timeframe...it might probably be best not to do it.

Upgrade the kitchen of your future purchase :)

Best wishes from So-Cal
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October 22 2012
Unfortunately, countertops and cabinets are personal taste items which the new buyers may not want or like, in which case the kitchen would be remodeled anyway and you're out that money.  There is a caveat though, if the countertops and cabinets are that bad, we would suggest replacing them with granite and inexpensive cabinets to give it a fresh look.

Please let us know if you have any other questions.
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October 22 2012
If you can enjoy it for 2-3 years then yes, do it for you. Doing it for a sale in 2-3 years is pushing it a bit because who knows what the style will be then, but if you can enjoy it now then go for it.

Tim
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October 22 2012
In my experience and area, the kitchen and bathrooms are great rooms to upgrade.  I wish I could tell you that you will definitely increase your sales price by the amount of repairs, but I can't.  I think you stand a good chance of doing that however.   If it is not a budget killer and you can stand not getting all of your money back, then go for it.  Remember that you also get to enjoy it for a few years too.
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October 22 2012
 
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