Before doing any renovations at all, you should have a local real estate come in and do a comparative market analysis on the home to see how much it is worth as is and what it would be worth with the upgrades. If the difference in your area between an immaculate home versus a fixer upper is not enough to cover the renovations, just sell it the way it is. No one can accurately predict what real estate values will do but all the "experts" seem to believe that prices are either at rock bottom or will drop another 10% or so. If you're going to rent and wait it out, I would leave it and do the renovations when you're ready to sell. If you do it now, you may have to do it again later. If you need a referral in your area or have any other questions, please feel free to contact me. Good luck!
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
Top 2% of Century 21 Agents Nationwide