Define renovate?

Cosmetic, “face-lift”

All depends on how much you want to spend! And your definition of “cosmetic”. Your vanity looks fine - keep it! but replace the white porcelain knobs. Replace the countertop and sinks - go to under-mount sinks. Replace the mirror with 2 separate mirrors and replace the light - go to 2 sets of lights.

Ideally, Replace the built-in tub with a free-standing tub. Shower looks tight, but based on what I can see in the photos, it doesn’t look like any option for enlarging? The tub seems to be right next to the shower and the tub area ceiling there is sloped. Also don’t know what tile is in the shower. Step 2 -now or later, would be to redo the shower. Glass side above vanity, glass door, and glass on the wall next to the tub? Can’t really tell from the pictures… - full length or above a pony wall? That will make the shower and the bathroom feel MUCH larger. Problem with not also doing the shower at the same time is the tile choices. You don’t have to tile behind the free-standing tub. You could also not put tile around the vanity. Maybe just a strip of countertop material.

If you do the shower at the same time, the shower tile chosen will determine any other tile choices. Removing the built-in tub will likely require adding flooring there. But it appears that the flooring is hardwood? Looks like red oak? So not hard to match, and then floor would need to be refinished. If you keep the built-in tub to save $, you will need to get rid of the current tile. It looks very dated. But if you keep tub, and don’t do the shower, you have a tile choice issue. Need to use the same or “coherent” looking tile because it is a small bathroom. If not doing the shower, and keeping the built-in tub, one option would be to use the same material as the countertop in place of the tub tile. Porcelain (large sheets, not tiles) is being used more and more for countertops and could also be used for the tub surround - and not as costly as other materials. If you used the same porcelain for countertop and tub surround, you can use a different/coordinating tile for a later redo of the shower.

Your other post, which shows kitchen and other rooms also to be updated, says you want to redo the bathroom floor. Although hardwood certainly isn’t the best for a bathroom floor, I might not choose to replace the floor now (assuming it is in good shape) if you are ever thinking about doing a free-standing tub. If you are sure you are totally happy with keeping the built-in tub forever, then do the floor - but as above, it will affect your tile choices for a potential later shower redo. From your other post, there is a lot to do and a lot of $ to be spent to update your whole house, and keeping the existing floor would save $. Also, although not mentioned above - change your faucets - which you need to do to replace vanity top and sinks, anyway, and change the tub hardware as well. At least the tub edge is squared off and not “fussy” looking, so adding more modern hardware - and e.g., porcelain (or other sheet/slab material) for a “clean” looking surround - would probably give you a good updated look. You could even do all the new “surfaces” in the same material - matte for all, or a polished version for counter and tub, and matte for floor.

Yes, we have a lot of work cut out for us, but we are up for the challenge! That’s a good idea about holding off on the tile. We will be keeping the original hardwoods and just refinishing them and replacing carpet. And then painting the walls. With fresh paint and refinished hardwoods, and replacing some of the lighting, I think that will make a huge difference.