BiggerPockets

Hard to say without being able to compare your house to the competition.

Its not purely a profit vs. cost situation. It may affect the type of buyer or even if you can get a buyer. If you're going for a retail sale, and I think you are, you need to be the best deal on the block to generate a sale. If there are five other houses that are the same but have new cabinets, baths, and countertops, then you will have to be priced significantly lower to find a buyer. Its that difference you have to compare to the cost of the changes. It may also take much longer to get a buyer, since most of the retail buyers will go for the nicer houses.

Investors won't go for your house because you've priced it for a retail buyer.

How does your house compare to the competition?

This is good opportunity to bring in a real estate agent who knows this area very well, and get his/her opinion.

The agent should be able to give you an idea of what the competition looks like, as well as give you comps for various levels of rehab in this area. S/he would be able to give you an idea of whether you should market the property as-is, or whether you should put in some additional work.

If you have access to MLS data, you can probably do this yourself as well.

Jessica, you've gotten several good suggestions, personally I would try something in between the way it is, and replacing it with new. You didn't say if the cabinets look nice since you painted them white. If they look ok and are serviceable I would install new cabinet hardware and replace the counter top (not granite but something modern and attractive. Assuming there is enough cabinet space I would have a dishwasher installed. ( today's retail buyer does not want to wash dishes by hand) I would have a professional refinish the old tub to make it shiny again. I would remove the glass enclosure and install a nice shower curtain, I would replace the tub surround. By doing it this way you will save a considerable amount of money over buying everything new and I don't feel it's necessary unless your property is in a high end neighborhood. :D Jim

Justin added some great advice. Check out your competition. If they have new cabintes and countertops in the kitchen, you will most likely need them too to get your sale. The kitchen is one of the best places to invest your money in as you almost always get a nice return on it where as other items you do not.

Jim made some great money saving tips on your repairs as well. I think you have enough advice here to make a wise and informed decision on how to proceed.

Jessica, I have found that when selling to retail buyers you have three groups. Those who have zero vision, and will expect a turnkey updated home. Those that know they can't afford a turnkey, have vision, and are willing to accept flaws for a deal. And finally those who are considering both. The last group can afford the turnkey, but have vision, and will consider and ugly deal, knowing they can quickly update the home to a condition as good or superior to your competition, but for less overall money. You have to determine what group(s) your targeting, and price your home accordingly. If it's the trun key crowd, your home must be nicier than the comps, and selling for the same or less to get noticed. If it's the other two, you can avoid the updating, but your price has to reflect it, and it should be advertised as the fixer oppertunity it is. My 2 cents.

Josh