Two kinds of Renewal.

There is a disagreement between the meforshim if the Torah means a new King or a changed King when it says"V'yakum Melech Chadash" a new king arose. The answer that the Ben Ish Chai gives is that the world "Chadash", new, can mean both. There are times in our lives when we are able to renew ourselves by totally changing, and there are times when we need to do "renovations". Both types of renewal are important. In Elul, sometimes we need to start from scratch, and sometimes we need to make important changes here and there. Whatever type of renewal we need to do, we have to make a start.

from a Shiur on Naaleh:
Hilchot Teshuva
Teacher: Rabbi Shimon Isaacson
Class: Elul and Rosh Hashana: Days of Closeness and Awe