If you’re thinking of building a new home, you’re probably looking at empty property – a lot in a subdivision, or like many of my clients, a larger bit of land further out.

Or maybe you’re buying an existing house with the intent to renovate it and make it your home.

But what if you’re somewhere in between – you’re building a new house, but the property you’re thinking of buying already has a house on it. When does it make sense to fix it up, and when does it make sense to tear it down and start over?