My home is 30 years old
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Take the quicker and cheaper route, some people like having a tub.
That was going to be my question: do you plan on staying or reselling? The resale would be easier with a tub and shower than with just a shower.
Reglaze.
I've been told that kitchens and bathrooms are what sells houses. So improvements in those areas will pay off down the road. That said, if the tub is the only tub in the house, you will probably want to keep it especially if the home is in a family oriented neighborhood where any potential buyers down the road will have small children. I personally could not live without a bathtub.
I would keep the tub and shower, just in case you plan on selling. If not, do whatever you like.
If you are not going to be staying in the house go with the quicker, cheaper route but if you plan to stay I would replace it with a shower. We replaced ours with a walk in shower when my elderly mother came to live with us and I was much younger. Now that I am also elderly I LOVE my shower since I can no longer get up and out of a tub. I replaced mine with a ceramic tile but if I had it to do over again I would replace with fiberglass or something like that, so much easier to keep clean than grouted ceramic tiles.
If your other rooms are up to par, I'd reglazed, and paint. If you have a cabinet in the bathroom, paint it a different color than the walls. Try a light peach or sand with a white high-gloss paint on the cabinet. The tub and shower combo is more appealing, it has two purposes. Maybe put new tile down, water proof 12x12 tiles. If you do purchase tile make sure you purchase the same lot#s on the boxes. This spruce-up is allot cheaper, and it will give a professional look. EJL.
Thanks I appreciate the advice