wow. what a time capsule! I actually like the wood paneling! The vanities and lighting for sure, need to go. If you are leaving that tub, I would prime the heck out of that wood and paint it to match the vanities. (If you could tile it, even better. or maybe replace the wood w/bead board or something) what are you retiling the floor with??

I would paint the window trim white and get a nice inexpensive roman shade. obviously remove the wall paper trim and paint the walls.

If you were to consult with experienced Realtors in your area, you would probably hear that any money you put into bathrooms and kitchens you will get back two fold - but of course, double check.

I would gut it if I were you.

Best.

The things that will give the most bang for your buck on a budget are new countertops (stone if possible) and new decorative mirrors and lighting..and the floors done in a luxury vinyl that looks like wood or stone..to make it the most appealing ....do countertops...floors..and paint the wood...and walls...all in the same neutral color...pale gray?beige?...creating a sort of fresh clean slate ...

Replacing the cabinets with something clean and simple would also be good if budget allows...

OP has said they are replacing the vanities/top and redoing the floor.

Thanks all for your feedback! The tub is quite large and is almond colored. Due to the cost, they do not want to replace or refinish it. That being the case, what color should the news sinks and toilet be? I'm having a hard time envisioning it mismatched and also a hard time suggesting that they buy almond sinks and toilet! Thanks

remember this. whatever you choose will prob be torn out by the new owners. no one today wants almond sinks and that behemoth tub. I might just leave the whole thing and offer a credit.

at the very most, pull off the wall paper, paint the walls, take out the carpet (because that's a ewww factor) and replace w/nice, cheap tile. paint the tub surround a cream color and call it a day. if you have to spend money for vanities, look on craigslist for something inexpensive. maybe those Oak vanities that people are practically giving away. get two of those, paint them and remove the red countertop and mdf cabinets. find some cheap remnant countertops .

Your way, spending a few thousand for new vanities and putting lipstick on a pig for the other stuff is a waste. you can freshen things up by doing some elbow grease and painting. as I said, the new owners will just gut it anyway.

All of you really need to consult with a trusted, experience local Realtor.

Beth's points are spot on as well.

Is the only reason for considering a renovation now is for resale in a couple years? Your parents should ask a very active local real estate agent (or three agents) who works in their house's price range what are the best options for resale within their budget for fixup. Often there are other parts of the house that are the same vintage that could be fixed up - the agent can see the whole picture on a one-hour visit walk-through. Sometimes new paint and professional cleaning of tile and carpet are the best investment of a fixup budget for resale.

Depending on the rest of the house and the price range I don't think you can assume a new owner is going to gut the bath and replace it..I would aim for a price conscious freshening up that any new buyer could live with ...making a "we can live with it" result instead of a "we have to fix it"... that may be a deterrent to a buyer

I think that ripping out dated but spacious vanities to replace with
something new, with uncertain outcome in terms of decorative unity (with
the wood and tub, etc) is a poor investment. You only get the
multiplied return on investment if you have a very good read on the
comps for your area and what the market expects -- just bumbling a few
patchwork changes into a space are as likely to lose as gain you value.

I
love the wood and wouldn't mess with it. I would either make no
changes, or just replace the carpet (or carpet and red tile) with tile-look vinyl and the vanity
counters with more neutral laminate versions. Nothing more unless you
are ready to gut and redo it all -- let potential buyers design to their
own taste, or be happy with it as it is, and let your parents live there without all the disruptions
and mess.

Really ...the things you are considering are not that expensive..it is just the expense of demolition...repairing removal damage...new installation...plumbing and electrical help...unless you are qualified to do these things they can double the cost of the inexpensive materials...not to be completely discouraged but to be aware of the changes that will be worth the effort and expense...and avoid the ones that will be ineffective toward your goals...

I would also add ...limiting your changes using quality materials is better than lots of changes with materials of obvious lesser quality...gives a better impression of the general quality of the home...

I would at minimum get rid of those lights, get rid of the red counters get rid of the wallpaper border and get rid of the carpet. Maybe get rid of the one leg of the cabinets in favour of two sinks side by side if need be or just one nice sink (and then of course get rid of that one section of mirror) it's just too much. The "desk" area is weird too maybe just because I would never use it. I agree that the wood is kind of funky and adds character.

http://www.ikea.com/ca/en/catalog/products/S59185860/#/S59185860

Is there any point in getting rid of the toilet? I agree chances are good that the next people will gut for their own style, everybody seems to want showers over tubs.

The wood wall is the only good thing about the bathroom. Redoing everything else would significantly increase the value of the home and prospective buyers wouldn't cringe at the idea that they would be stuck with that expense. Your folks would get their bathroom investment back. Kitchens and bathrooms can sell a house or break the deal.