modernization
noun [ U ]
(UK also modernisation) uk/ˌmɒdənaɪˈzeɪʃən/ us/ˌmɒdərnəˈzeɪʃən/the process of starting to use the most recent methods, ideas, equipment, etc. so that something becomes or seems more modern:
The modernization of the 100-year-old sewage and water systems will cost millions of pounds.
The property is basically sound, but in need of modernization.