Would it be better to invest the money elsewhere, such as a kitchen or
bathroom renovation, central air, or something that is universally
desireable?

It would be better to invest the money in a mutual fund, and just
depend on good maintenance to improve the resale value of the house.
Unless you're doing all the work yourself, renovations generally cost
more than you get back. Any that you do should be optimized to
appeal to YOU, not a hypothetical buyer.