renovate – restore to a good state of repair (especially a building)
(Pronounced rehn-uh-vayt)
To remember the definition of the word renovate, use the following mnemonic:
To render this property habitable again, we must excavate (renovate) and build to return it to a good state of repair.

Examples of renovate in a sentence
It was taking far longer to renovate his kitchen than he'd hoped.
They needed to renovate the entire restaurant before they could re-open.
She was trying to raise money so they could renovate the old library.