If you do this, make sure those estimates are for demoing the old tile. It is generally thicker and more thickly cemented, so demoing the older style tile is more effort / $$ then the same work on newer tile.

I would definitely redo an original 1940's bathroom. Much better to do that now than it would be to wait until it's emergency and it HAS to be done (especially when you've got a newborn on the way).

I would do it now, assuming you plan to stay in the house for a long time, and assuming the bathroom is really in need of a redo, not just that the color is wrong or something.

My dad's house has the original bathroom from the early 70's, and it's now regularly springing leaks in random places. Plumber is recommending we redo the whole thing. I wouldn't want to face it living there with little kids.

What about this scenario - get a HELOC with one of those intro rates of 0.5% for the first 6 months/ 12 months to pay for the bath renovation. It will cost a little more but give you some peace of mind having cash on hand if needed as you pay the loan off within a year to avoid higher interest rates.

This is crazy.

Do it. Think about your life and how it will look in 30 years when you are retired. Is the amount of money you are spending on this rehab going to move the needle? Now consider that you will probably get 50-75% of it back when you sell. Now will THAT amount move the needle - no.

Enjoy your life - if you needed the cash, there are always options available to you in a worst case scenario.