Expensive home renovations, such as upgrading outdated appliances to state-of-the-art models, can enhance the aesthetics of your kitchen but are unlikely to yield a significant return on investment, as while some prospective buyers may value the appliances, they are unlikely to substantially increase the resale value of the home.
In general, home repairs typically do not qualify for tax deductions, except when dealing with rental properties, as per the IRS, since repairs are considered maintenance to uphold your home's condition without significantly increasing its value, with examples such as painting or repairing broken gutters.
Generally, renovations tend to be more cost-effective than constructing new buildings, but this may not hold true if you're working on a significantly deteriorated and old structure.