To renovate means to renew or rebuild so that something is in good condition. When you move into an old house, you will probably want to renovate the kitchen and bathrooms.
Most usages of the word renovate revolve around buildings and architecture. During a generation change in a neighborhood, retired people move out and young families move in. They want to give new life to the old house they have bought so they renovate it by painting, redoing the floors, etc. If you renovate a historic building, you restore to its original splendor. Think of this sense of renewal if something renovates your spirits.