We've been in our "starter home" for 25 years, most of those years spent while we were "financially challenged", so not a lot has been done to it.
Things have improved a little in the last few years, and, now that we're at least thinking about the retirement years, we're looking to perhaps move into something a little more comfortable and lower-maintenance, not to mention as a better investment.
We have a two-bedroom, 50-yr old home with a garage added in '83 and two small bedrooms added in '91. The clapboard siding is original, and in okay shape, but the attached garage has unmatched but similar pressed-board siding. New roof shingles two years ago, new concrete driveway two years ago.
New furnace and central A/C in 2003. Total living space, including partially finished, leaky basement, 1,000 sq ft.
The house has been appraised at $85,000.00, and we'd expect at least that in a typically inflated housing market. We're six miles from town, and have a four-inch well (new in 1997) along with the septic.
If we were to stay, we'd replace the deficient septic that functions fine until we get company; the aforementioned leaky basement would have to be dealt with or at least acknowledged on a sales agreement; and the kitchen has horribly outdated cabinetry and a portable dishwasher that is inappropriate for the small space provided (we should have a built-in). The single bathroom is quite small, but clean with linoleum floor, old tub and shower curtain.
My question is this (and again, we're looking toward retirement in roughly ten years): Is it worth pouring money into a remodeled kitchen, bathroom (tear out the tub, replace with new and shower doors etc) and septic replacement for the purpose of selling, or is it wiser to try to sell a "problem house" as is, take your losses and run?
I realize it's tough to make an assessment with limited and generalized information, but I guess I'm asking what those who've been through it would "generally" answer. In most cases, is it worth it to make the investment?
For example, I'm told I'd never get back the investment in a remodeled kitchen or bathroom on the sale price of the house.
Just wondering. Thanks in advance for the input.