Yes, that's fine.

Yeah that's fine. The more descriptive word in this case is to renovate. Do up is more vague. Many things can be done up. For example, a girl can say, "wait for me to do up my hair" and much more. This verb fits well for more casual talk, but in more formal speech, the more descriptive you can get, the better

You can also use it as a synonym for zip or fasten: Please, do up your coat and let´s go