I've remodeled two homes and if it wasn't for location, I would have been better off moving. To me, that is your deciding factor.
The first was a modern home that was built as a one room bungalow originally in 1950 and had eight additions added over the next 50 years. It was in Short Beach, CT and overlooked Long Island Sound. My budget was $200k in 2004 and 6 months. It took 1 year and cost $300k (mainly due to CFO change orders!). I sold it in 2010 after my wife passed and lost about $100k. Here it is 90% complete:
The second is my current home in San Antonio. We gutted the kitchen and the entire first floor. Budgeted $120k and 3 months. Took 5 months and $160k (again some late additions plus our builder hit a deer on his motorcycle when it was 80% complete).
My point is that location is everything and be careful to not only focus on what you don't have, but recognize how important what you already have is. What ever your decision, it is your decision and you have to be all in! Good luck!