So the Reno is financed with cash or bank loan?
Reno by cash, house by loan.
If you do not mind.. A quick word of advice...
OUG is coming up very soon (3 years to 5 years). WCT has submitted plans to construct a mix development rivaling mid valley in OUG. From JKR plans, there are two MRT stops in OUG ( under phase 2). Taman OUG land is definitely freehold and yours has added value due to it being a corner lot.
Therefore if and only if you have the budget, then got ahead and get the single storey refurbished to a 1 1/2 storey terrace. The reward should be good when planning to sell 3 to 5 years down the road.
Do now will cost about RM180 per sqft x (your required size), consultant fees about 30k all in.
Do 3 years down the road, due to inflation + higher material cost + higher labour cost = RM210 per sqft. (assumption)
If no budget, then do the minimum necessary for it to be rented out first.
I would definitely keep the property. This is assuming that it is already fully paid off for.