Renovation or repairs

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Generally the term repair refers to improvement of an existing asset. Say repair of a break down machine.

Renovation refers to giving new design, shape or new face to the structure like. Constructing the existing building by demolishing or adding value on features to existing building.

Simply, if repair is substantial part of asset then it is renovation. Repair is made for particular parts of asset for imrovment in effeciency only while renovation is made for each part of asset to improve life and effeciency of asset.