Yeah, that´s right, remodel is fine.

   I think sometimes remodel is more than renovate, sometimes is the equivalent.

   Let´s say, remodeling would have change in appearance or shape.    For instance, one decide that his house is too small for his growing family and decide to expand a bit.  

   So he makes additions to his house, such as including a bedroom, a second full bath, an enlarged kitchen and a two-car garage.

   Therefore, I think this example is one of an expanding, remodeling.  Making renovations would involve smaller repairs. 

   Well, from what I gather from dictionaries, if I am not missing something. That´s it.

    PP.