The real driver here to answer your question is how happy you and your family will be with the renovations. In the past, many homeowners made renovations, such as granite counters, and hardwood flooring in the anticipation of getting 100% of the costs recaptured at the time of sale. This is no longer a guaranteed thing.
Updating an older home will always make it more attractive at the time of sale - the key is not to over-improve the property.
Prudential Network Realty