I'm currently renovating a two bed terraced house with a view to renting it. At the moment it has a tiny galley kitchen and two decent sized reception rooms.
The first option would be to keep it as it is and just renew the existing kitchen. The other option would be to turn the existing kitchen into a utility room and to turn the larger of the reception rooms into a dining kitchen.
I'm swayed towards the dining kitchen option but I am biased as this is what we have chosen in our own home so it would be much appreciated to hear other people's opinions.