Consider the functional use of the space. With a renovation project, you may be able to knock down walls to adjust the shape and size of the room. You may be able to add a storage closet, built-in shelves or other features. These are just a few of the ways that a renovation can improve your functional use of the space. On the other hand, if you are happy with how the room meets your family’s needs for space, storage and more, you may not need to make any physical changes to the space.