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Kitchen renovation or no? Thinking of selling in near term.

We live in an older, 1970s raised ranch. The house is in great shape but needs some updating. We have had it in our mind to have the kitchen remodeled (full gut, new floors, new appliances, taking down a wall to open it up, new countertops, etc). We've gotten quotes and this will land us around $80-100k.

While we were waiting on our contractor to start (he's scheduled to start late November) a house came on the market in town that we had a keen interest in and we put in an offer. Our offer was declined so we're back to the kitchen reno, but now we're nervous because we've realized that we actually do have a desire to potentially get into a larger house (we have a growing family).

So, now we're kind of torn. We're weighing the pros and cons of having a very affordable mortgage (3.5% rate) in an OK-ish home vs trying to sell/buy in this current housing market vs continuing with the kitchen reno.

Personally, (i.e. not necessarily my spouse's opinion), I think the kitchen reno should continue, we live in the house for another 3-5 years and then cross fingers the market gets a little better before trading in for a larger house. My spouse is leaning more towards the new house option.

I was hoping for some opinions and/or dialogue , has anyone been in a similar situation? How did you think about it? What did you do?

submitted by /u/chop924
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1wvqe2a/kitchen_renovation_or_no_thinking_of_selling_in/
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