Will Our Renovation Be Financially Worthwhile in the Long Run?

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CarolSKB
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We own an antique home in New England, purchased for approx. $285 in 2003. It is now probably valued in the $235-$250 range if we were to sell it. The 2 bathrooms and the kitchen are very overdue for renovations, which would require a complete gutting before work begins. The kitchen currently is very tiny, about 9'x9' with 5 doorways leading from there and the former pantry is now a bathroom. Our plan is to move that bathroom out to the attached mudroom and push the outside wall of the kitchen out to eliminate an existing porch and give us another 5 or 6 feet of interior space. The upstairs bathroom needs to be redone at the same time, as the plumbing stack for both bathrooms will be moved. A very reputable company has just provided their estimate for this work, which includes design labor, permits; basically everything. Their quote for this is $138k. Since our house is one of the largest in the neighborhood already, and probably the most highly valued, my instinct is telling me that spending this much on the renovation might not be smart financially, in the long run. It's a dilemma because these renovations really have become necessary at this point and would improve our family's quality of life greatly. What do you think, based on the information I have provided? By the way, I am not sure if we will continue to live in this house beyond another 10 years.

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