There are lots of factors that could help you determine the pros and cons of each option. The most important question to ask yourself is: Do you like the current neighborhood you are in? There is simply no substitute for a 'good' location, as most new houses are built in the suburbs with less amenities.

Renovating , will let you incorporate things exactly as you want them. It will be a custom fit home to your needs. Unless you are building, a new house from scratch, chances are buying an existing house (some one else's) will not fit your needs to the tee. Neighborhood and cost will be your guides.

Thank you all for the feedback . Greatly appreciate it. Helpful information.

The cheaper part of the equation is sort of a moving target...if the house you own now is a Victorian and you really want a mid-century modern...I think moving into one closer to your ideal and doing minor renovations is cheaper. So the economy of the scope is part of that...the other part is economy of scale. Do more when the contractors are on site and it is cheaper...that is why new home construction can be such a bargain. Oh...and there are always in-fill lots to be found. The 'Burbs are just cheaper.