Select the most appropriate verb / verb phrase to fill in the blank: They ________________ their house for the past two months, and it’s finally starting to look fantastic.

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The sentence refers to an action that started in the past and is still continuing or has recently stopped, which is best expressed using the present perfect continuous tense. The phrase 'for the past two months' indicates duration up to the present. Therefore, 'have been renovating' is the correct choice. 'Were renovating' is past continuous and does not imply continuation to the present. 'Will renovate' is future tense, and 'has renovated' is present perfect but does not emphasize the ongoing nature of the action.

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