We live in a Midwestern suburb. We bought our 1989 1500 sqft, 3 bed, 2 bath ranch house for $107K in 2008. We likely will be looking to sell it next spring/summer. We are trying to decide what, if any, updates we should do over the next year.
In the past month our immediate neighbors to the north and south both sold their houses. South sold for $147K in a few days, 2k over asking, north sold for $130K in a few weeks, 3K under asking. Both are also 3 bed, 2 bath ranches of the same vintage, more like 1400 sqft. The one to the south was more updated and in better shape. (Laminate floor in main areas, has an original garden tub, which ours does not, stainless appliances and granite counter in their much smaller kitchen) Also had a much better realtor. Both have decks, which ours does not. There is another one in the neighborhood listed for $149. Indoors it's fully updated, but sad back patio like ours, and ours has a much nicer lot with mature trees.
Updates we have done since we bought the home: all new floors, except laundry/utility room. Bamboo in kitchen, great room, cork in bedrooms, tile in baths. Efficient windows, new garage door. Have new kitchen appliances, but white, and mostly not high end. (Nice dishwasher) HE washer, but our ca. 2005 dryer, a few new light fixtures, closet system in master bedroom.
At a minimum, we will repaint, and do any necessary repairs, which should be in the 1-2K neighborhood. I feel like we could probably sell right now, as is, for somewhere between $135-140, based on the fact that our house is bigger and in comparable to somewhat better shape to the one that sold for $130.
If we would spend up to 5K, which of these would you choose? Things we are considering doing: Updating the rest of the light fixtures. Changing out the bathroom vanities. (They are the original 1989 shell shaped sinks). New front door. New kitchen countertops. We have much more countertops than southern neighbor, so granite would likely be prohibitive, but could do high end laminate, and would price other options. Deck or paver patio. Add ceiling fixtures to the extra bedrooms, which currently have none. New dryer and/or other new appliances. Paint kitchen cabinets white or possibly replace?
So, advice please, real estate mustachians. Should we just do the basics and forget the rest? Obviously, I don't want to put in 10K, and only sell it for 10K more. We are pretty handy and could DIY a fair bit. MrV installed the cork and tile floors, dishwasher, etc. We will definitely paint the interior ourselves. And of course there is the question mark of where the market will be this time next year.