A kitchen renovation can cost you anywhere from as little as $15k to $100k or more depending on the size of your kitchen and materials that you choose. Doing the work can help you to stand out in a Manhattan building where there are a several similar units for sale. From what I have seen, it also depends on how long ago you renovated your kitchen. If it was within the last 10 years you may be able to leave it alone especially if you are going to be selling a Manhattan apartment under $1.5 million.
Also the likelihood that you will choose something that matches the taste of the buyer is small and if you pick too much of a low end kitchen the buyer may discount it and choose to renovate again. So pick something middle of the road that is not too flashy and not over the top expensive. If you put a $50,000 kitchen into a $1.5 million apartment chances are your return will be close to $35k-$40k. But if you put a $30,000 kitchen in, you will get closer to the $30k that you put in. A buyer purchasing in this range may not be willing to pay you extra for high end appliances and extra features so it will be harder to recoup your investment. Whereas a buyer shopping in the $3-$4 million range for a Manhattan apartment will appreciate the finishes and be willing to pay for the convenience of not having to do the renovation work themselves.
Consult with your real estate broker or attend open houses to see what would be customary for your price range in the way of finishes so as to not over or under spend.
Overall, factor in your cost and anticipated return and also the time that it will take to complete and if that will affect your ability to sell. As the market cools, it might be wiser to sell now and not do the renovation and just market it as is and let the next buyer do the work.
Take a look at the below kitchens and give your opinion. Renovate or sell as is…