I live in a two bedroom apartment. I have bought the place in 2004 and even at that time, I wished I could have updated the bathroom and the kitchen. However, I had run out of money and I could only do the floors and the walls.
My bathroom is really tiny so re-doing it will not cost an arm and a leg. I have not budgeted this for 2013 but, I can certainly make modifications in my budget to fit this. Besides, the whole apartment will be painted in 2013 so, re-doing the bathroom before the paint job makes a lot more sense.
I am planning to get rid of the tub which I never use. Mom is getting old so taking a shower while standing is an issue. She likes to sit on a plastic stool while she is lathering. I am going to need new shower doors, new tiles, a new bathroom vanity, a cupboard on top of the washer, a new toilet, new faucets etc. Need to crunch the numbers to see how much it will cost. I usually add 20% on top of my calculations because once you start tearing something down at home, Murphy makes sure additional issues pop up.
I think I will play with my budget until the end of April to see if I will be able to bring in enough extra income to cover the expenses. If I can, I will start the project early May. It will be done in 10 days or so during which I will need to stay at a friend's because I have only one bathroom. The paint job will have to be done in July. That one is already in the budget.
As for the kitchen, That can wait for another year or may be even more...