How much a renovation can improve your home value depends on the rennovation and it depends on the area you live in.
In Ohio, especially around the Akron and Canton area, you see many older homes that are very nice but have bowed basement walls, wet basement mold or a leak in basement that makes it wet, humid and unattractive.
It is especially unattractive if you are planning to sell it. The market is not extremely strong now and you do not want to have a wet basement that could result in a large number of people not even considering your home a viable purchase.
Some things, like a newer kitchen, are nice. However an older kitchen is not a problem. But in the case of a leaky basement, a home buyer often does not want to even consider buying a home where they are purchasing a problem. Would you want a new home that immediately had headaches to deal with? Of course not.
So while you have may home updates to choose from, you should always start with those things that will stop people from buying your home like getting foundation reinforcement or waterproofing basement walls to make the house appeal to more people when it comes time to sell it.
