While often used interchangeably, "renovation" and "remodel" have subtle differences. Renovation focuses on restoring something to its former glory - refreshing a room with a fresh coat of paint or refinishing existing cabinets. Remodeling, on the other hand, involves changing the structure or layout. This could mean knocking down walls to create an open floor plan, expanding a bathroom for a more luxurious feel, or completely transforming a basement into a livable space.