If your existing house is in poor condition and its renovation may cost more, then it is worth deciding whether to renovate the house or knockdown and build new. You may like to consider the following factors in taking this decision:
- Renovation is advisable as long as renovations costs are lower than 70% of the newly built value
- Whether your expectations and changes are feasible with the existing house?
- What is the architectural value of your existing house? and
- What is the emotional value that you have with your existing house?
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