It’s always a Sisyphean task to set a budget for a renovation—or at the very least an ever-moving target—but if you’re planning to put your home on the market, you’ll have a way different set of calculations than a starry-eyed new homeowner. Before you embark on a gut of your circa-1990 kitchen, consult with a REALTOR® and a general contractor about which renovations will yield the biggest return on investment. How much work you’ll need depends on your home’s value, your market, and the comps in your neighborhood.
In competitive markets where prices are through the roof, like San Francisco or New York City, you don’t really need to do renovations before selling. But in other places where inventory is going up, your house needs to measure up to the other listings on the market.
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