There's something cool about newly-renovated houses. It's like a totally-different house if your house is renovated. I really, really like the zen-inspired modern houses. I've been to old houses and renovated to 'zen-inspired' themes with minimalist designs and I've totally liked it.
However, the cost of renovating a house is not cheap. It's comparable to having a newly-built house except that the land is yours and already fixed. But it takes a lot of budget also, as well as a lot of patience involved in renovating a house.
You really have to have a working budget, deal with the contractors, try to learn to delve into the details and as much as possible, have a hands-on and 100% involvement at least in the inspection of the renovation project as well.
Someday, I dream of a renovation of our ancestral-house as well. But the 'budget' is what should dictate when it should actually-happen.