Does it make financial sense to update your home's kitchens and baths?

[newlywed2012]

I find myself struggling with the idea of people updating their homes to the newest trends or upgrading from builder basics to nicer things - like remodeling their kitchen cabinets from MDF to real wood, etc.

I'm watching HGTV and someone is saying to these owners that they desperately need to update their bathrooms, and it makes me wonder, why? If they sell soon, I can understand, but if they're going to stay, doesn't it make sense to me, unless I'm not understanding.

My husband and I hate our master bathroom. The vanity is our biggest complaint since it's so short, but it's functional. I'm really wondering if us, or people in general, would be better off only updating once - when they go to sell - and just live with what's functional as long as they can. We hope to stay put for the next 40 years. Are there going to be big changes in what's in style? Our realtor had said when looking at houses that dark wood kitchen are 'in' but we chose a house with a white wood kitchen purposely because we loved the white look and we don't intend to sell for decades.

I guess it's my way of asking if we overhaul our ugly bathroom, only replace the vanity, or just deal with it. Financially is it worth it to update and upgrade when you don't plan to move?

[autoxer]

Does it have to make sense financially? Would you rather update it and move out, or update it and enjoy it for a while?

I gutted a bathroom and am replacing everything in there, not as an investment, but because I want to live in a space that I enjoy.

[siggy_freud]

I guess it's my way of asking if we overhaul our ugly bathroom, only replace the vanity, or just deal with it. Financially is it worth it to update and upgrade when you don't plan to move?

If you never plan to get equity back out of your home (by selling) then no, strictly from a financial perspective it doesn't make sense to update the kitchen and bathroom. However, kitchens and bathrooms particularly often get 100% (and in some cases more) return on the investment of upgrading, so if you ever do plan on moving, it's reasonable to upgrade, enjoy the new spaces, and then sell at a later date.

[thesimplemoneyblog]

It's all about your preference. Since it sounds like you plan on being in the house for quite a long time, it seems like you would definitely get some use out of updating it now. Just be sure to not dip into your emergency fund or put yourself in financial difficulty to do it. If it will cause some financial difficulty, then just save up until you are able to pay for it. With your personal residence, it isn't all about what is financially the best decision for the long-term. A lot of it should incorporate your mental health (do you want to deal with the vanity issues every day for decades or would you rather update it to your liking and live with the functionality for a long time), personal preferences, and desire to really make it your home.

Who knows. With the way preferences morph over time, maybe in several decades when you leave the house, the 'style' might be to have a vintage look and feel!

[LivingAlmostLarge]

To me and my DH a house isn't an investment. Hence we update/make green (not necessarily are we going to make our money back) what we want because we want to enjoy living there. Will it save us money? Maybe but getting pleasure out of a place you live is worth something. When I find my final home I will spend the money to make it energy efficient even if I don't make it back. To me it's important.

But a house is also somewhere I live and love. Not somewhere I am considering for finances. If I went solely by finances I would be renting a small 1-2 bd apartment for my family because it would cost a lot less than a mortgage. No one would ever buy. They'd rent always the smallest possible space possible, close to work to minimize commuting, maximize what you can usually afford.

[Emerald]

This is something I'm currently debating. I don't plan on staying in my home more than 5 more years, so resale is an issue. While everything is functional, there are some minor but obvious damaged areas that I don't like and probably should repair or replace.

Sometime in the next few years I'll probably replace the damaged kitchen and master bath counters. Also I confess I'm hoping my range and dishwasher die sooner than later. I want to enjoy these updates too before I sell.

[esb3357]

We redid our entire bathroom minus the vanity and the toilet. My husband ripped out the non working one piece shower/bath unit and installed a duel headed tile shower with glass stall. He also redid the floor, put new faucet lights, mirror and fan I repainted the vanity. For us, it was a need because the fixtures were not working in the shower. It was almost the same amount of work to replace the fixtures or redo and modernize the bathroom. My husband spent 20 days redoing it over 5 months when it is finally done. Since he was the labor it was only $4,000 for parts. For us, yes it was worth it. We also did it ourselves and did not hire it out.